Higher than expected sales and use tax collections gave a boost to Indiana's coffers in December, according to the latest report from the State Budget Agency.
The state said general fund revenues for December totaled $1,473.7 million, which is $14.5 million or 1 percent above a revised revenue forecast from Dec. 17 and $146.4 million or 11 percent above revenue estimates from December 2017.
Overall, for December, higher than expected collections from sales and use taxes and corporate taxes slightly outweighed lower than expected collections from individual income taxes, the state said. Significant monthly fluctuations are expected, particularly for months of lower relative payment activity, and revenues are better interpreted within the context of the longer term trend for fiscal year 2019.
Sales tax collections totaled $673 million for December, which is $21.9 million or 3.4 percent above the monthly estimate and $57.9 million or 9.4 percent above revenue in December 2017. The state said while it is early to identify the specific impact of the state enforcement of recent changes in the taxation of remote sales on the fiscal year-to-date tax collections, the number of registrations of remote sellers have increased relative to the same period over the last two years.
Individual income tax collections totaled $488.5 million for December, which is $19.6 million or 3.9 percent below the monthly estimate but $26.4 million or 5.7 percent above revenue in December 2017, the state said. Withholding tax collections came in higher than last year, but revenue activity from other individual income tax accounts including estimated payments weighed on the net individual income tax collections.
Corporate tax collections totaled $174 million for December, which is $9.5 million or 5.8 percent above the monthly estimate and $53.7 million or 44.6 percent above revenue in December 2017. The state said net corporate tax collections benefited from higher than expected utility receipt tax collections.
Riverboat wagering collections totaled $24.4 million for December, which is $1.4 million or 5.2 percent below the monthly estimate and $200,000 or 0.9 below revenue in December 2017.
Racino wagering collections totaled $8.6 million for December, which is $200,000 or 2.9 percent above the monthly estimate and $100,000 or 1.8 percent above revenue in December 2017.
The state said year-to-date general gund collections totaled $7,520 million, which is $27.4 million or 0.4 percent above the December 2018 revised revenue forecast and $423 million or 6.0 percent above collections through the same period in the prior fiscal year.
Year-to-date sales tax collections totaled $3,965.5 million, which is $29.5 million or 0.8 percent above the December 2018 revised revenue forecast and $176.6 million or 4.7 percent above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $2,667.2 million, which is $18.4 million or 0.7 percent below the December 2018 revised revenue forecast but $26.1 million or 1.0 percent above collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $379.6 million, which is $18.4 million or 5.1 percent above the December 2018 revised revenue forecast and $180.3 million or 90.5 percent above collections through the same period in the prior fiscal year.
