The state of Indiana is experiencing better than expected revenues from tax collections.
The Indiana State Budget Agency reported general fund revenues for October totaled $1,188.1 million, which is $40.6 million or 3.5% above estimates based on an April revised revenue forecast. The amount also is $29.6 million or 2.6% above revenue in October 2018.
The state said overall, higher than expected collections from sales and use, individual income and corporate taxes and other revenues including interest and insurance revenues combined to drive general fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis.
Sales tax collections totaled $675 million for October, which is $8.7 million or 1.3% above the monthly estimate but $400,000 or 0.1% below revenue in October 2018. The state said while gasoline use tax collections came in slightly below estimate, all other sales tax collections came in above monthly estimate and above prior year.
The state said it is too 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, tax payments from remote sellers are contributing to the positive fiscal year-to-date difference relative to current year estimates and prior year actuals.
Individual income tax collections totaled $414.9 million for October, which is $600,000 or 0.1% above the monthly estimate and $13.1 million or 3.3% above revenue in October 2018.
Corporate tax collections totaled $22 million for October and riverboat wagering collections totaled $20.6 million.
The state said racino wagering collections totaled $8.2 million for October.
The state said year-to-date general gund collections totaled $5,141.0 million, which is $192.3 million or 3.9% above the April revised revenue forecast and $142.8 million or 2.9% above collections through the same period last year.
