Corporate Tax Collections For March Come In $100M Below Pa. Projections
By Tony Romeo
HARRISBURG, Pa. (CBS) - Revenue collections for the month of March brought disappointing news for Governor Corbett and Pennsylvania lawmakers.
Governor Corbett’s budget proposal is partly built on optimistic growth in revenues in the coming fiscal year but there was no sign of that growth in the revenue collections for March, which along with April, is one of the two biggest months.
Collections were $100-million below projections, if you don’t include an earlier-than-normal transfer of $80-million in state store profits. Revenue Department spokeswoman Elizabeth Brassell says corporate tax revenue was significantly below expectations in March.
“Yeah, you know corporate tax did come in lower than expected,” Brassell said. “So we’re really looking towards April to see where personal income tax comes out.”
Brassell says personal income tax was a bright spot in March, more than $30 million dollars above what was estimated.