Strong corporate profits boost Pennsylvania tax collections


Make text smaller Make text larger





Pennsylvania state government's tax collections are running ahead of estimate through the fiscal year's first quarter, and state officials point to strong corporate profits.

The state Department of Revenue said tax collections for the three months through Sept. 30 were $210 million, or 3 percent, ahead of the official estimate.

Total collections of $7.6 billion for the state's general operating account are 10 percent higher than last year at this point.

Most of the surplus is from strong corporate tax collections and Revenue Department officials point to a federal analysis that corporate profits grew 3 percent in 2018's second quarter.

Revenue Department officials say they aren't certain yet what's driving corporate tax growth, but the state's Independent Fiscal Office has said it expected the federal tax-cutting law to boost collections.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

The Reverend Doctor Lloyd H. Kenyon of Dingmans Ferry, Pa., dies
The Reverend Doctor Lloyd H. Kenyon died on Wednesday, July 10, 2019.
With his wife of 65 years, Betty, he had lived in retirement at Birchwood Lakes in Dingmans Ferry, Pa.,...

Read more »
Image

Lynn Marie Wright of Hawley, Pa., dies at age 58
Lynn Marie Wright of Hawley, Pa., passed away at home on Sunday, July 7, 2019. She was 58.
Daughter of the late Edmund and Gertrude (Becker) Wright, she was born on March 19,...

Read more »

Justin Thomas Inserra of Paupack, Pa., dies at age 42
Justin Inserra of Paupack, Pa., formerly of West Milford, N.J., went to his final rest at home, with his loving wife and family by his side, on Thursday, July 4, 2019. He was 42...
Read more »
Image

Rita Dispenza of Lords Valley, Pa., dies at age 66
Rita Dispenza of Lords Valley, Pa., died on Friday, July 12, 2019, at home. She was 66.
Daughter of the late Charles and Irene McKevitt was born July 3, 1953 in the...

Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Weather in Milford, PA