INDIANAPOLIS – The Indiana State Budget Agency reported Aug. 10 that the state’s general fund revenues totaled $1.17 billion for July, which was $11.5 million or 1 percent above a revised revenue forecast from December.
July’s total also was $19.6 million greater than the total recorded in July 2017, the state said.
Sales tax collections totaled $679.6 million for July, which is $3.5 million or 0.5 percent below a previous monthly estimate but $25.2 million or 3.9 percent above revenue in July 2017.
The state reported Individual income tax collections totaled $440.7 million for July, which is $33.3 million or about 8.2 percent above the monthly estimate and $12.7 million or 3 percent above revenue from July 2017.
Corporate tax collections totaled negative $3.5 million in July, the state said, which is $19.9 million or 121.1 percent below December’s previously projected monthly estimate. The state said several factors continue to impact year-over-year corporate tax collections, including increased refunds and non-resident partnership withholdings being categorized under individual income instead of corporate income.
The state reported riverboat wagering collections totaled $1.4 million for July, which is $700,000 or 97.3 percent above a previously projected monthly estimate and $600,000 or 67.7 above revenue collected in July 2017.
