Pennsylvania’s tax revenue continues to come in above estimates.
The Department of Revenue collected $73million more than it expected to in January, bringing year-to-date tax revenue $264 million above projections.
House Appropriations Committee Chairman Bill Adolph, a Republican, said the numbers are “great news,” but tempered his optimism. “Even if it’s – I think it’s a little over $200 million right now over projections. That may be $400 million by June 30. When you’re looking at a $4 billion deficit, those projections are not going to fill that hole,” he said.
The revenue numbers show signs of a slowly improving economy. This time last year, Pennsylvania was $374 million behind estimates. Two years ago, the budget gap was $1.1 billion.
Corporate, sales and income taxes are all slightly above estimates, though table games revenue at casinos is 17 percent off the projected mark.