In July comparisons, state revenue collections outpace prior year

In July comparisons, state revenue collections outpace prior year

Author: Jason Gottesman/Wednesday, August 2, 2017/Categories: News and Views

State revenue reports from the month of July were released Tuesday and comparisons to the same time last year show that the Commonwealths has brought in more money in the first month of the new fiscal year compared to the same period for last year.

 

According to the Department of Revenue, the Commonwealth brought in $2.1 billion in revenue for the month of July with the sales tax bringing in over $912 million and the personal income tax bringing in around $827 million.

 

While the department said that comparison cannot be made to revenue estimates "because revenue estimates for each month are not yet finalized,” the Independent Fiscal Office compared the month’s revenues to the same period for FY 2016-2017 and found that July’s collections outpaced last year’s numbers by $112.8 million or 5.7 percent.

 

According to the IFO, tax revenue increased 6.7 percent for the months, but the personal income tax—which increased by 8.2 percent—was affected by the timing of certain due dates and reflected a three- and twelve-month average growth rates of 2.8 percent and 3.2 percent, respectively.

 

Another sign of good news for Pennsylvania, as pointed out by the Independent Fiscal Office, is the four percent year-over-year increase in personal income in the commonwealth for the first quarter of 2017.

 

While the five-year annual average growth rate for personal income in Pennsylvania has merely kept pace with national averages, for the first quarter of 2017 Pennsylvania was only beat out by Maryland for a higher growth rate.

 

Meanwhile, in regional comparisons, the commonwealth outpaces only West Virginia and Ohio in the total amount of personal income, sitting currently at $52,240 per capita. That number is still higher than the national average of $50,340.

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