Pennsylvania Department of Revenue

Pennsylvania Revenue Department Releases October Collections

Published in Lab Law Weekly, November 21st, 2008

Secretary of Revenue Tom Wolf reported that Pennsylvania collected $1.6 billion in General Fund revenue in October, $283.4 million, or 14.7 percent, less than anticipated. Fiscal year-to-date General Fund collections total $7.4 billion, which is $564.8 million, or 7.1 percent, below estimate.

"More than half of the October revenue shortfall is attributed to lower-than-expected non-tax revenues, the result of the unprecedented volatility of the equity markets in October," Wolf said. "Just as individuals are experiencing drastically lower returns on investments in these tough economic times, so, too, is the commonwealth.

"At the same time, the national...

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Source: Lab Law Weekly (2008-11-21)

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