Higher than projected collections on sales, gaming, corporate and income taxes are among the reasons why Indiana state tax collections are doing better than expected.
The is according to the Indiana State Budget Office and its monthly revenue report for May. May figures are based on April 15 forecasts.
General fund revenues for May totaled $1,878.3 million, which is $518.8 million or 38.2% above forecast and $926 million or 97.2% above revenue in May 2020.
The state said monthly collections from sales tax, individual income tax, corporate adjusted gross income tax, and gaming taxes are trending at multi-year highs.
The state said year-over-year comparisons are impacted by the different economic developments and federal policy actions associated with pandemic since 2020 as well as the different tax payment schedules in FY 2020 and FY 2021.
Sales tax collections totaled $812.3 million for May, which is $119 million or 17.2% above the monthly estimate and $228.8 million or 39.2% above revenue in May 2020.
Individual income tax collections totaled $934.1 million for May, which is $251.9 million or 36.9% above the monthly estimate and $598 million or 177.9% above revenue in May 2020.
Corporate tax collections totaled $46.2 million for May, which is $137.9 million or 150.4% above the monthly estimate and $38.3 million or 481.7% above revenue in May 2020.
Riverboat wagering collections totaled $40.9 million for May, which is $10.3 million or 33.7% above the monthly estimate and $40.9 million above revenue in May 2020 when no taxes were collected due to public health emergency closures because of the pandemic.
Racino wagering collections totaled $14.5 million for May, which is $4.8 million or 49.6% above the monthly estimate and $14.5 million above revenue in May 2020 when no taxes were collected due to public health emergency closures because of the pandemic.
Year-to-date general fund revenues totaled $16,983.6 million, which is $617.9 million or 3.8% above the April revenue forecast and $3,396.6 million or 25% above revenues through the same period in the prior fiscal year.
