A stable economy has translated to strong tax collections for the state of Indiana.
The Indiana State Budget Agency reported year-to-date tax collections through November totaled $6,261.3 million, which is $246 million or 4.1% above the April 2019 revised revenue forecast and $215 million or 3.6% above collections through the same period in the prior fiscal year.
Year-to-date sales tax collections totaled $3,411.9 million, which is $86 million or 2.6% above the April 2019 revised revenue forecast and $119.4 million or 3.6% above collections through the same period in the prior fiscal year.
The state said year-to-date individual income tax collections totaled $2,222.4 million, which is $60.9 million or 2.8% above the April 2019 revised revenue forecast and $43.7 million or 2.0% above collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $239.1 million, which is $66.1 million or 38.2% above the April 2019 revised revenue forecast and $33.5 million or 16.3% above collections through the same period in the prior fiscal year.
The state said general fund revenues for November totaled $1,120.3 million, which is $53.6 million or 5.0% above state estimates based on the April revised revenue forecast and $72.2 million or 6.9% above revenue in November 2018.
