Better-than-expected collections from sales taxes, individual income taxes, and corporate taxes provided a boost to Indiana state revenues for August.
The Indiana State Budget Agency reported general fund revenues for August totaled $1,376.2 million, which is $103 million or 8.1% above April 15 revenue forecast and $16 million or 1.2% above revenue in August 2020.
Year-over-year comparisons were influenced by different economic developments, various federal policy actions, and changing restrictions associated with the onset of the pandemic since 2020 as well as the different tax payment schedules in FY 2021 relative to the alignment of Indiana’s tax filing and payment due dates with the federal deferral, the state said.
Prior year tax collections were impacted by approximately $80 million of late individual income tax payments that were initially due before August 2020.
Sales tax collections totaled $805.5 million for August, which is $50.1 million or 6.6% above the monthly estimate and $71.2 million or 9.7% above revenue in August 2020.
Monthly collections attributable to sales tax excluding gasoline use tax were $49.3 million above the monthly estimate and $69.3 million above prior year actuals.
Gasoline use tax monthly collections came $800,000 above the monthly estimate and $1.9 million above prior year actuals.
Individual income tax collections totaled $503.3 million for August, which is $27.8 million or 5.8% above the monthly estimate but $65 million or 11.4% below revenue in August 2020.
Corporate tax collections totaled $11.9 million for August, which is $21.3 million or 227.1% above the monthly estimate but 0.4% below revenue in August 2020.
Riverboat wagering collections totaled $7.4 million for August, which is $1.6 million or 28.2% above the monthly estimate and $2.4 million or 47.4% above revenue in August 2020.
The state reported year-to-date general fund revenues totaled $2,711.2 million, which is $168.2 million or 6.6% above the April revenue forecast but $648.3 million or 19.3% below revenues through the same period in the prior fiscal year.
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