After a more than billion dollar deficit in the last fiscal year, tax revenues in Pennsylvania are running $76 million ahead of projections for the first quarter of the 2010-11 fiscal year. Governor Ed Rendell says in September alone revenues were nearly $70 million, or 3.1% above expectations....
"To keep this in perspective, this is the first quarter of sustained revenue growth since the third quarter of 2007-2008 fiscal year. So that’s extraordinarily good fiscal news for the commonwealth."
Personal income tax and realty transfer taxes were down, but corporate and sales tax figures made up for those losses.
Corporate taxes were 52.7 million dollars above estimates in September. For the first 3 quarters, those revenues are $50.9 million or 9.4 percent above expectations.
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