Better-than-expected sales tax collections contributed to higher-than-estimated revenues for the state of Indiana.
The Indiana State Budget Agency reported general fund revenues for July totaled $1,482.8 million, which was $72 million or 5.1% above December 2021 estimates and forecasting and $147.9 million or 11.1% above revenue in July 2021.
The state said timing changes in the reporting of collections from gaming taxes and strong collections from sales tax drove the month’s performance. The timing impact in collections attributable to gaming taxes is not expected to affect the full fiscal year forecast, the state said.
Sales tax collections totaled $884.7 million for July, which is $13.9 million or 1.6% above the monthly estimate and $54.3 million or 6.5% above revenue in July 2021.
Monthly collections attributable to sales tax excluding gasoline use tax were $9.9 million above the monthly estimate and $54.7 million or 6.7% above the previous year.
Gasoline use tax monthly collections totaled $4 million above the monthly estimate but $400,000 or 2.7% below the previous year.
Individual income tax collections totaled $469.8 million for July, which is $11.5 million or 2.5% above the monthly estimate and $50.5 million or 12.1% above revenue in July 2021.
Corporate tax collections totaled $33.6 million for July, which is $400,000 or 1.3% below the monthly estimate and $9.9 million or 22.8% below revenue in July 2021.
Riverboat wagering tax collections totaled $45.7 million for July, which is $44.8 million or 5,231.4% above the monthly estimate and $44.3 million or 3,290.1% above revenue in July 2021.
