Higher than expected collections from sales tax, individual income taxes, corporate taxes and riverboat wagering taxes each contributed to a strong revenue month for Indiana.
The Indiana State Budget Agency reported the state’s general fund revenues for October totaled $1,370.5 million, which was $136.7 million or 11.1% above April 15 estimates and $174.2 million or 14.6% above revenue in October 2020.
Sales tax collections totaled $794.2 million for October, which was $50.6 million or 6.8% above estimates and $72.2 million or 10% above revenue in October 2020.
Monthly collections attributable to sales tax excluding gasoline use tax were $48.8 million above the monthly estimate and $69.4 million above prior year actuals. The October performance, which mostly reflects September economic activity, shows continued momentum in growth relative to prior year actuals or 9.8%, the state said.
Individual income tax collections totaled $465.6 million for October, which was $47.9 million or 11.5% above the monthly estimate and $75.0 million or 19.2% above revenue in October 2020.
Corporate tax collections totaled $35 million for October, which is $26.7 million or 320.5% above the monthly estimate and $10.9 million or 45.2% above revenue in October 2020.
Riverboat wagering collections totaled $26.7 million for October, which is $8.3 million or 45.3% above the monthly estimate and $9.5 million or 55.2% above revenue in October 2020.
Year-to-date general fund revenues totaled $5,990.4 million, which is $564.8 million or 10.4% above the April 2021 revenue forecast but $186.9 million or 3% below revenues through the same period in the prior fiscal year.
