Annual corporate net income tax payments were $23.4 million, or 22.2%, short of estimate for the month. December is the final quarterly estimated tax payment month for 2016 CNI tax payments, and so the weakness evident in September could be repeated in a few months when quarterly estimated payments are due once again.
Sales and use tax (SUT) collections were under estimate for the month by $20.5 million, or 2.5%. Non-motor SUT was below estimate by $14.6 million, or 2.1%, for the month, and SUT on motor vehicles missed the estimate by $5.9 million, or 4.6%.
Personal income tax (PIT) collections were below estimate by $36.6 million, or 3.3%, for the month. Employers’ withholding was $11.8 million, or 1.6%, below estimate for the month, and non-withholding payments were under estimate by $24.8 million, or 6.3%.
Realty transfer tax (RTT) was below estimate by $8.3 million, or 16.6%, for the month. Inheritance tax collections were $15.3 million, or 19.1%, short of estimate for the month. Table games tax collections exceeded the monthly estimate by $138,229. Liquor tax collections were $1.3 million, or 5.0%, above estimate for the month.
Cigarette tax collections missed the estimate by $11.3 million, or 8.9%, for the month. Cigarette taxes were increased by $1.00 per pack beginning August 1, and so cigarette tax collections will include substantial new revenues for the remainder of the fiscal year.
Non-tax revenue collections missed the estimate by $3.7 million for the month.
Motor License Fund collections were $1.9 million above estimate for the month of September.
The U.S. Treasury Department has been selling United States savings bonds since 1935. It is currently estimated that the U.S. Treasury is holding about $17 billion in matured U.S. savings bonds.
“Out of the billions of unclaimed U.S. savings bonds currently being held by the U.S. Treasury, approximately $650 million is attributable to citizens of the Commonwealth of Pennsylvania.”
Due to long maturity periods, U.S. savings bonds continuously remain unclaimed because their owners are unaware of their status as bond owners. Moreover, some owners cannot successfully fulfill U.S. Treasury’s procedures for redeeming matured savings bonds because the bonds have been lost, stolen, or destroyed. In addition, the United States Treasury Department currently lacks a meaningful apparatus through which the owners of these matured bonds can receive the proceeds of their investments.
Act of 85 of 2016 allows the Commonwealth of Pennsylvania to escheat title to unclaimed bonds belonging to citizens of Pennsylvania so that they may be incorporated into the Commonwealth’s Bureau of Unclaimed Property, which can ultimately utilize its resources to reunite lost, abandoned, or forgotten bonds with their rightful owners.
The law of escheat authorizes states to obtain title through an established state judicial process to matured but unredeemed bonds purchased by state residents, redeem those bonds, and then leverage the state’s unclaimed property process to locate the original bondholder and return those funds to the bondholder. Act 85 of 2016 allows the Pennsylvania Treasurer to claim U.S. savings bonds after they have reached maturity and a three-year dormancy period has lapsed. In addition, the act provides that an individual making a claim for a bond that escheated to the state pursuant to this law may file a claim, and the Pennsylvania State Treasurer will pay the claim upon receiving sufficient proof of the claimant’s entitlement to the bond.
Act 85 of 2016 utilizes Pennsylvania’s Bureau of Unclaimed Property to the benefit of the citizens of Pennsylvania by providing them with a better opportunity to receive the proceeds of these bonds. Moreover, the act provides notice and due process to all affected Pennsylvania bond holders that their unclaimed U.S. savings bonds have escheated to the state in order to provide them with an opportunity to claim what is theirs before the Commonwealth can take title to the bonds.
During the first quarter of the fiscal year, Commonwealth agencies spent $58.8 million on overtime. Department of Corrections overtime spending represented 44 percent of all overtime, followed by PennDOT, State Police and the Department of Human Services.
Contact Senator Browne:
On the Web:
702 W. Hamilton Street
Allentown, PA 18101
9 AM to 5 PM
9 AM to 4 PM
281 Main Capitol
Harrisburg, PA 17120
9 AM to 4:30 PM
Western Lehigh County
Upper Macungie Township Building
8330 Schantz Road
Breinigsville, PA 18031
By Appointment Only
Northern Lehigh County
North Whitehall Township Building
3256 Levans Road
Coplay, PA 18037
By Appointment Only
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