Indiana benefitted from a strong economy in 2019.
The Indiana State Budget Agency reported year-to-date general fund collections through December totaled $7,792.7 million, which is $25 million or 0.3% above the December 2019 revised revenue forecast and $272.7 million or 3.6% or above collections through the same period in the prior fiscal year.
The state said year-to-date sales tax collections totaled $4,098.8 million, which is $10.2 million or 0.2% above the December 2019 revised revenue forecast and $133.3 million or 3.4% above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $2,734.5 million, which is $1.7 million or 0.1% above the December 2019 revised revenue forecast and $67.4 million or 2.5% above collections through the same period in the prior fiscal year, the state said.
Year-to-date corporate tax collections totaled $416.3 million, which is $9.4 million or 2.3% above the December 2019 revised revenue forecast and $36.8 million or 9.7% above collections through the same period in the prior fiscal year.
For December, the state said general fund revenues totaled $1,531.4 million, which is $15.7 million or 1.0% above estimate based on the Dec. 20 revised revenue forecast and $57.7 million or 3.9% above revenue in December 2018.
The state said overall, slightly higher than expected monthly collections from sales and use, individual income and corporate taxes and other sources including interest revenues combined to drive general fund revenues above current year estimates and previous year totals both on a monthly and fiscal year-to-date basis.
