Delayed income tax payment collections gave the state of Indiana a revenue boost in July.
The Indiana State Budget Agency reported general fund revenues for July totaled $1,999.3 million, which is $803.8 million or 67.2% above December 2019 estimates and $870.2 million or 77.1% above revenue in July 2019.
The state said an estimated $900 million of income tax payments, initially due in April and June, were collected in July. While July monthly estimates, based on the December 2019 revenue forecast, do not reflect the recent economic developments and the deferral of the April and June tax deadlines to July 15, general fund revenues came in lower than expected when excluding the estimated $900 million of deferred payments.
The state said the first 13 months of its current biennium, total general fund collections were about $612.5 million or 3.4% below December 2019 revenue forecast estimates and $161.5 million or 0.9% below the same period from July 2018 to July 2019.
Other revenue highlights:
- Sales tax collections totaled $763.6 million for July, which is $39.2 million or 5.4% above the monthly estimate and $88.2 million or 13.1% above revenue in July 2019.
- Individual income tax collections totaled $1,021.4 million for July, which is $618.9million or 153.8% above the monthly estimate and $635.2 million or 164.5% above revenue in July 2019. The state said about $700 million of individual income tax payments are estimated to have been deferred from fiscal 2020 to July 2021 due to the alignment of Indiana’s tax filing and payment due dates with the federal deferral to July 15.
- Corporate tax collections totaled $170.4 million for July, which is $152.1 million or 828.7% above the monthly estimate and $152.0 million or 824.8% above revenue in July 2019.
- Riverboat wagering collections totaled $400,000 for July, which is $600,000 or 61% below the monthly estimate and $500,000 or 54.8% below revenue in July 2019.
- Racino wagering collections totaled $9.3 million for July, which is $2.2 million or 18.8% below the monthly estimate and $600,000 or 6.4% below revenue in July 2019.
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