General fund revenues for July totaled $1,334.9 million, which is $65.2 million or 5.1% above estimates based on the April 15 revenue forecast but $664.4 million or 33.2% below revenue in July 2020, the Indiana State Budget Office reported.
Monthly collections from sales tax and corporate adjusted gross income tax came in above monthly estimates and are trending at multi-year highs, the state said.
Year-over-year comparisons are influenced by the different economic developments, various federal policy actions, and changing restrictions associated with the onset of the pandemic since 2020 as well as the different tax payment schedules, the state said.
The state said $900 million of income taxes received in July 2020 were initially due in FY 2020 but were deferred to FY 2021 due to the alignment of Indiana’s tax filing and payment due dates with the federal deferral to July 15, 2020.
Other report highlights:
- Sales tax collections totaled $830.4 million for July, which is $38 million or 4.8% above the monthly estimate and $66.8 million or 8.7% above revenue in July 2020.
- Individual income tax collections totaled $419.2 million for July, which is $300,000 or 0.1% above the monthly estimate and $602.2 million or 59% below revenue in July 2020.
- Corporate tax collections totaled $43.5 million for July, which is $28.9 million or 197.2% above the monthly estimate and $126.9 million or 74.5% below revenue in July 2020.
- Riverboat wagering collections totaled $1.3 million for July, which is $200,000 or 10.2% below the monthly estimate and $1 million or 245.8% above revenue in July 2020.