The Independent Fiscal Office and state Department of Revenue have released September 2022 revenue reports. The state collected $4.2 billion in September, the third month of the fiscal year, 11.1% above IFO’s official estimate. Fiscal year-to-date General Fund Collections total $9.8 billion, or 2% above estimate. The monthly overage is attributed primarily to strong corporate net income tax and personal income tax collections.
A $2.1 billion deposit into Pennsylvania’s Rainy Day Fund was made in September in accordance with the 2022-2023 state budget.
The Motor License Fund received $252.8 million in September, $34.3 million above estimates. Year-to-date revenues are 1.3% above estimates. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and here for Revenue’s press release.