Higher than expected monthly collections from sales and use, corporate and gaming taxes translated to more revenue for the state of Indiana.
The State Budget Agency reported general fund revenues for January totaled $1,587.6 million, which is $56.9 million or 3.7% above December revised revenue forecast and $95.8 million or 6.4% above revenue in January 2019.
Sales tax collections totaled $821.7 million for January, which is $37.2 million or 4.7% above the monthly estimate and $65.6 million or 8.7% above revenue in January 2019.
Individual income tax collections totaled $649.2 million for January, which is $27.5 million or 4.1% below the monthly estimate and $8.1 million or 1.2% below revenue in January 2019. The state said lower than expected withholding tax collections as well as a one-time transfer from individual income tax to corporate tax combined to drive the difference relative to the monthly estimate and prior year actuals.
Corporate tax collections totaled $27 million for January, which is $46.5 million or 238.3% above the monthly estimate and $32.9 million or 554% above revenue in January 2019.
Riverboat wagering collections totaled $31 million for January, which is $4.5 million or 16.8% above the monthly estimate and $2.6 million or 9.3% above revenue in January 2019.
Racino wagering collections totaled $11.8 million for January, which is $0.6 million or 5.6% above the monthly estimate and $2.2 million or 22.5% above revenue in January 2019.
