Tax collections for the state of Indiana are running ahead of projections.
The Indiana State Budget Agency said Oct. 10 that year-to-date general fund tax collections totaled $3.84 billion through September, which is $126.8 million or 3.4 percent above the December 2017 revised revenue forecast and $249.7 million or 7 percent more than collections through the same period in the prior fiscal year.
The state said year-to-date sales tax collections through September totaled $1,998.6 million, which is $21.8 million or 1.1 percent above the December 2017 revised revenue forecast and $78.1 million or 4.1 percent above collections through the same period in the prior fiscal year.
General fund revenues for September totaled $1,607.8 million, which is $134.8 million or 9.2 percent above the December 2017 revised revenue forecast and $191.1 million or 13.5 percent above revenue in September 2017. In August, the state saw revenue projections drop 1.8 percent below December projections.
The state said while revenues generated from each of the major taxes—sales and use, individual income and corporate tax collections—came in above its respective estimates and above September 2017, several non-recurring factors including five Fridays and the timing of estimated tax payments, non-resident partnership withholdings and corporate refunds impact the comparisons relative to prior year and estimates.
The state said sales tax collections totaled $657.9 million for September, which is $17.9 million or 2.8 percent above the monthly estimate and $21.1 million or 3.3 percent above revenue in September 2017.
Individual income tax collections totaled $628.6 million for September, which is $64.6 million or 11.5 percent above the monthly estimate and $76.9 million or 13.9 percent above revenue in September 2017.
Corporate tax collections totaled $204 million for September, which is $28.6 million or 16.3 percent above the monthly estimate and $72.2 million or 54.8 percent above revenue in September 2017.
Riverboat wagering collections totaled $20 million for September, which is $12.5 million or 168.3 percent above the monthly estimate and $11.2 million or 128.1 percent above revenue in September 2017.
Year-to-date individual income tax collections through September totaled $1,427.7 million, which is $64 million or 4.7 percent above the December 2017 revised revenue forecast and $85.1 million or 6.3 percent above collections through the same period in the prior fiscal year.
Corporate tax collects year-to-date through September totaled $181.7 million, which is $7.2 million or 4.1 percent above the December 2017 revised revenue forecast and $58.5 million or 47.4 percent above collections through the same period in the prior fiscal year.
