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October 2011 Economic Revenue Report

Pennsylvania's general fund revenue collections for October 2011 fell short of estimates by $67 million or 3.6%. Corporation tax collections were below estimates by $53.4 million. Consumption tax collections were slightly under estimates while sales tax collections exceeded estimates. Personal income tax collections were $37 million under estimates. The unemployment rate in Pennsylvania was 8.3% in September 2011, up from the prior month but lower than the prior year. Year-to-date general fund collections are below estimates by 3.5% or $282 million.

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90 views1 page

October 2011 Economic Revenue Report

Pennsylvania's general fund revenue collections for October 2011 fell short of estimates by $67 million or 3.6%. Corporation tax collections were below estimates by $53.4 million. Consumption tax collections were slightly under estimates while sales tax collections exceeded estimates. Personal income tax collections were $37 million under estimates. The unemployment rate in Pennsylvania was 8.3% in September 2011, up from the prior month but lower than the prior year. Year-to-date general fund collections are below estimates by 3.5% or $282 million.

Uploaded by

PAHouseGOP
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Pennsylvania House of Representatives Republican Caucus

Economic Brief
State Representative Julie Harhart
November 2011

October 2011 General Fund revenue collections of $1.8 billion fell short of Department of Revenue estimates for the month by $67 million, or 3.6 %. Total Corporation Tax collections of $107 million were below the Department of Revenue estimate by $53.4 million. Consumption Tax collections of $122 million were $200,000 under the Department of Revenue estimates. Sales Tax collections of $726 million were $22 million over the Department of Revenue estimated collections. Personal Income Tax collections of $735 million were $37 million under the Department of Revenue estimates. All Other Tax collections of $98 million were $1.5 million over Department of Revenue estimated collections. Total year-to-date General Fund collections are $7.66 billion, which is below the Department of Revenue year-to-date estimate by 3.5% or $282 million. However, year-to-date Total Tax Revenue collections have grown by 3.4% over the same period in the prior fiscal year.

$1.8 Billion in General Fund Collections for October

EMPLOYMENT STATISTICS
September 2011 Monthly Change

Labor Force

6.334 Million

+26,000 +0.1 +16,000

Unemployment Rate 8.3% Total Employment 5.811 Million

Unemployment Rate by State NJ: 9.2% MD: 7.4 % OH: 9.1% DE: 8.1 % WV: 8.2 % NY: 8.0 %

General Fund Revenue- October 2011


Actual Collections Estimated Collections

Estimate Actual Corporation Taxes Corporation Taxes $ 160.7 Million $107.3 Million Sales Taxes Sales Taxes $704.7 Million $726.7 Million Consumption Taxes Consumption Taxes $122.8 Million $122.6 Million Personal Income Taxes Personal Income Taxes $773.0 Million $735.6 Million All Other Taxes All Other Taxes $96.6 Million $98.1 Million Non Tax Revenue Non Tax Revenue $15.5 Million $15.9 Million Total General Fund Total General Fund $1.873 Billion $1.806 Billion

October Revenue Collections

Harrisburg Office (717) 772-5398

State Representative Julie Harhart www.JulieHarhart.com

District Office (610) 502-2701

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