Income, Sales Tax Collections Up To $21.7 Billion As Pennsylvania Opens Budget Season
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HARRISBURG, Pa. (AP) - Pennsylvania state government is heading into the final month of its fiscal year with stable tax collections as Democratic Gov. Tom Wolf and the Republican-controlled Legislature prepare to assemble an election-year budget.
The Department of Revenue reported Friday that collections through 11 months for the state's main operating account were $31.5 billion, or about $121 million above estimate.
However, that surplus is wiped out by a hole in June's revenue expectations created when a federal judge blocked state government from taking $200 million from a state-chartered medical malpractice insurer of last resort.
Pennsylvania's two biggest revenue sources, taxes on income and sales, are up 6 percent to $21.7 billion, compared to this point last year. It's a significant turnaround from last year, when budget makers filled a $2.2 billion projected deficit, largely by borrowing.
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