The state of Indiana is enjoying better than expected tax collections.
The State Budget Agency recently reported that Indiana’s general fund year-to-date general fund collections through August totaled $2,243.2 million, which is $60.6 million or 2.8% above April’s revised revenue forecast and $11.3 million or 0.5% above collections through the same period in the prior fiscal year.
The state said year-to-date sales tax collections totaled $1,369 million, which is $21.5 million or 1.6% above April’s revised revenue forecast and $28.3 million or 2.1% above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $752.5 million, which is $12.2 million or 1.6% above April’s revised revenue forecast but $46.7 million or 5.8% below collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $10 million, which is $23.2 million or 175.4% above April’s revised revenue forecast and $32.2 million or 144.9% higher than collections through the same period in the prior fiscal year.
For August, general fund revenues totaled $1,114.1 million, which is $52.3 million or 4.9% above estimates based on the April revised revenue forecast and $54.3 million or 5.1% above revenue in August 2018.
The state said higher than expected collections from sales and use, individual income and corporate taxes combined to drive general fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis.
