Higher than expected collections from sales tax, individual income tax and corporate taxes have provided a boost to Indiana state revenues.
The Indiana State Budget Agency reported general fund revenues for September totaled $1,908.7 million, which is $259.9 million or 15.8% above estimates, based April 15 revenue forecast and $287.2 million or 17.7% above revenue in September 2020.
Sales tax collections totaled $831.3 million for September, which is $86.6 million or 11.6% above the monthly estimate and $113.3 million or 15.8% above revenue in September 2020.
Individual income tax collections totaled $686.3 million for September, which is $103.1 million or 17.7% above the monthly estimate and $106.8 million or 18.4% above revenue in September 2020.
Corporate tax collections totaled $272.6 million for September, which is $64.9 million or 31.2% above the monthly estimate and $63 million 30% above revenue in September 2020.
Year-to-date general fund revenues totaled $4,619.8 million, which is $428.1 million or 10.2% above the April 2021 revenue forecast but $361.1 million or 7.3% below revenues through the same period in the prior fiscal year.
