March Tax Collections Slightly Higher Than Last Year
Impact of COVID-19 on Tax Revenue Not Yet Evident
The City collected approximately $383.0 million in General Fund tax revenue in March of FY2020, compared to $381.6 million in March FY2019, an increase of approximately $1.4 million, or 0.4 percent, according to preliminary figures. About half of the City’s major tax types saw increases in March as shown in Table 1, with the overall increase driven by increases in the City portion of the wage, earnings, and net profits ($6.5 million, 4.6 percent), realty transfer ($23.9 million, or 101.2 percent), and the City sales tax ($5.5 million, or 44.4 percent) However, these taxes are almost certain to decline in April, impacted by an economy which has been upended by the onset of COVID-19 in Philadelphia. Additionally, the City has extended the deadline to remit real estate taxes by one month, from March 31 to April 30—likely affecting March collections for that tax category.
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