State's 2014-15 tax collections overrun projections by $412M - WFMJ.com News weather sports for Youngstown-Warren Ohio

State's 2014-15 tax collections overrun projections by $412M

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HARRISBURG, Pa. (AP) - Pennsylvania's tax collections for the just-ended fiscal year exceeded projections by $412.2 million.

The state Revenue Department said Wednesday that General Fund tax revenue for 2014-15 totaled $30.6 billion or 1.4 percent above estimates.

The two biggest revenue generators - sales and personal income taxes - exceeded projections only slightly. Sales-tax collections totaled $9.5 billion were 0.2 percent more than anticipated and personal income taxes generated $12.1 billion, or 0.6 percent above estimates.

Corporation taxes totaled $5.1 billion, which is $240 million or 4.9 percent ahead of projections.

The inheritance tax generated $1 billion, exceeding estimates by 7.3 percent, while the realty transfer tax collections totaled $413.8 million, lagging projections by 7.5 percent.

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