Better than expected collections from individual income and corporate taxes were among the chief reasons for Indiana’s strong revenue performance in February.
The State Budget Agency reported Indiana general fund revenues for February totaled $1,135.3 million, which is $136.1 million or 13.6% above December estimates and $112.6 million or 11% above revenue in February 2021.
The state said strong individual income tax and corporate tax collections outweighed lower than expected collections in sales tax and gaming taxes.
Sales tax collections totaled $761.5 million for February, which was $8.3 million or 1.1% below monthly estimates but $66.3 million or 9.5% above revenue in February 2021.
Individual income tax collections totaled $284.2 million for February, which is $112.3 million or 65.4% above the monthly estimate and $5.9 million or 2.1% above revenue in February 2021.
Corporate tax collections totaled $14.7 million for February, which is $47.2 million or 145.4% above the monthly estimate and $41 million or 156.3% above revenue in February 2021.
Riverboat wagering collections totaled $22 million for February, which is $10.2 million or 31.7% below the monthly estimate but $600,000 or 2.6% above revenue in February 2021.
Year-to-date general fund revenues totaled $12,164.4 million, which is $200.6 million or 1.7% above the December 2021 revenue forecast and $450.7 million or 3.8% above revenues through the same period in the prior fiscal year.
