Tax collections for the state of Indiana are continuing to run ahead of projections.
The Indiana State Budget Agency said Dec. 14 that year-to-date general fund tax collections totaled $6,046.3 million through November, which is $93.6 million or 1.6 percent above the December 2017 revised revenue forecast and $276.6 million or 4.8 percent more than collections through the same period in the prior fiscal year. The state’s year-to-date general fund tax collections through October totaled $4,998.2 million, which was $92.1 million or 1.9 percent above the state’s December 2017 revised forecast.
The state said year-to-date sales tax collections through November totaled $3,292.5 million, which is $29.7 million or 0.7 percent above the December 2017 revised revenue forecast and $118.7 million or 3.7 percent above collections through the same period in the prior fiscal year.
The state said for November overall, lower-than expected collections from sales and use taxes and individual income tax slightly outweighed higher-than-expected collections from corporate and gaming taxes. Monthly fluctuations are expected, particularly for months of lower payment activity, and revenues are better interpreted within the context of the longer-term trend for fiscal year 2019, the state said.
Sales tax collections totaled $618.5 million for November, which is $7.2 million or 1.2 percent below the monthly estimate but $1 million or 0.2 percent above revenue in November 2017.
The state said while it is early to identify the specific impact of the state enforcement of the recent changes in the taxation of remote sales on the fiscal year-to-date tax collections, the number of registrations of remote sellers have increased relative to the same period over the last two years.
Individual income tax collections totaled $349.1 million for November, which is $30.4 million or 8 percent below the monthly estimate and $14.8 million or 4.1 percent below revenue in November 2017.
The state said withholding tax collections came in higher than last year, but revenue activity from other individual income tax accounts including refunds and late payments weighed on the net individual income tax collections for October.
Corporate tax collections totaled $11.8 million for November, which is $33.7 million or 154.2 percent above the monthly estimate and $45.6 million or 135.1 percent above revenue in November 2017. The state said net tax collections benefitted from higher payments, lower refunds and higher nonresident corporate withholding as compared to a year ago.
Riverboat wagering collections totaled $23.1 million for November, which is $2.4 million or 11.3 percent above the monthly estimate but $1.3 million or 5.3 percent below revenue in November 2017.
Racino wagering collections totaled $8.6 million for November, which is $600,000 or 6 percent below the monthly estimate and $1.1 million or 10.9 percent below revenue in November 2017.
Year-to-date individual income tax collections totaled $2,178.7 million, which is $32 million or 1.4 percent below the December 2017 revised revenue forecast and $400,000 or 0.02 percent below collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $205.6 million, which is $46.8 million or 29.5 percent above the December 2017 revised revenue forecast and $126.6 million or 160.3 percent above collections through the same period in the prior fiscal year.
