Better than excepted collections from individual income, corporate, interest, insurance, gaming and cigarette taxes and fees contributed to revenues coming in above earlier estimates for April and on a year-to-date basis, according to the state.
The Indiana State Budget Agency reported general fund revenues for April totaled $2,274.6 million, which is $90.3 million or 4.1 percent above estimates based on the April 17 revised revenue forecast and $236 million or 11.6 percent above revenue in April 2018.
Sales tax collections totaled $671.4 million for April, which is $4.5 million 0.7 percent below the monthly estimate but $2.8 million or 0.4 percent above revenue in April 2018.
State revenues also came in higher than projected in March.
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, revenues from remote sellers are included in the year-to-date collections.
Individual income tax collections totaled $1,233 million for April, which is $67.7 million or 5.8 percent above the monthly estimate and $215.1 million or 21.1 percent above revenue in April 2018. Notably, collections related to withholding, estimated payments and final payments saw particularly strong growth year-over-year and tax payments came in at considerably high levels on a historical basis.
Corporate tax collections totaled $224.8 million for April, which is $11.2 million or 5.2 percent above the monthly estimate and $4.4 million or 2 percent above revenue in April 2018. Corporate tax payments continue to come in higher than last year, the state said.
Riverboat wagering collections totaled $39.1 million for April, which is $3.6 million or 10.1 percent above the monthly estimate and $2.3 million or 6.2 percent above revenue in April 2018.
Racino wagering collections totaled $11.6 million for April, which is $800,000 or 7.6 percent above the monthly estimate and $1 million or 9.8 percent above revenue in April 2018.
Year-to-date general fund collections totaled $13,222.1 million, which is $98.8 million or 0.8 percent above the April 2019 revised revenue forecast and $632.7 million or 5 percent above collections through the same period in the prior fiscal year.
The state said year-to-date sales tax collections totaled $6,567.6 million, which is $38.9 million or 0.6 percent above the April 2019 revised revenue forecast and $214.8 million or 3.4 percent above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $5,079.4 million, which is $24.2 million or 0.5 percent above the April 2019 revised revenue forecast and $115.7 million or 2.3 percent above collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $638.9 million, which is $6.4 million or 1 percent above the April 2019 revised revenue forecast and $208 million or 48.3 percent above collections through the same period in the prior fiscal year.
