Higher than expected corporate tax refunds and lower sales and use tax collections are among the reasons officials say state revenues came in lower than projected forecasts.
The Indiana State Budget Agency said general fund revenues for February totaled $786.4 million, which is $18.8 million or 2.3 percent below December 2018 revenue forecasts and $25.1 million or 3.1 percent below February 2018 revenues.
The state said February sales tax collections totaled $582.8 million, down 2.7 percent or $15.9 million below previous estimates but $3.4 million or 0.6 percent above February 2018 revenue.
State officials said while it is early to identify specific impact of the state’s enforcement of the recent changes in taxation of remote sales on the fiscal year-to-date tax collections, revenues from remote sellers are included in the year-to-date collections.
Individual income tax collections totaled $129.1 million in February, which is $18.6 million or 12.6 percent below previous projections and $14.1 million or 9.9 percent below revenue in February 2018.
The state said while resident withhold tax collections came in as expected for February, higher refunds and lower than expected net collections from other sources including non-resident witholdings weighed on the total for individual tax collections.
Corporate tax collections totaled $13.9 million for February, which is $1.4 million or 9.2 percent above the monthly estimate but $6.9 million or 97.9 percent below revenue in February 2018.
The state said riverboat wagering collections totaled $30.1 million for February, which is $0.2 million or 0.6 percent below the monthly estimate and $2 million or 6.2 below revenue in February 2018.
Racino wagering collections totaled $10.7 million for February, which is $0.9 million or 8.7 percent above the monthly estimate but $7 million or 39.7 below revenue in February 2018.
Year-to-date general fund collections totaled $9,803.0 million, which is $30.5 million or 0.3 percent below the December 2018 revised revenue forecast but $289.4 million or 3.0 percent above collections through the same period in the prior fiscal year.
Year-to-date sales tax collections totaled $5,304.3 million, which is $12.6 million or 0.2 percent above the December 2018 revised revenue forecast and $193.3 million or 3.8 percent above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $3,458.3 million, which is $73.9 million or 2.1 percent below the December 2018 revised revenue forecast and $134.7 million or 3.7 percent below collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $359.7 million, which is $14.6 million or 4.2 percent above the December 2018 revised revenue forecast and $188.6 million or 110.2 percent above collections through the same period in the prior fiscal year.
