Indiana continues to have healthy revenue collections, exceeding projections.
Year-to-date General Fund revenues totalled $11.6 billion, which is $91.2 million (0.8%) above the December 2022 revenue forecast and $543.7 million (4.9%) above revenues through the same period in the prior fiscal year.
Approximately 45 percent of Fiscal Year 2023 revenues are projected to be collected between February and June. April and June combined is estimated to contribute to nearly 25 percent of total Fiscal Year 2023 revenues.
Year-to-date sales tax collections totalled $6,235.4 million, which is $0.8 million (0.0%) below the December 2022 revenue forecast but $362.1 million (6.2%) above collections through the same period in the prior fiscal year.
Year-to-date collections attributable to sales tax, excluding gasoline use tax are $1.8 million (0.0%) below the December 2022 revenue forecast but $371.5 million (6.4%) above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totalled $4,150.7 million, which is $52.6 million (1.3%) above the December 2022 revenue forecast and $205.4 million (5.2%) above collections through the same period in the prior fiscal year.
Excluding the one-time adjustment, as part of the December 2022 revenue forecast, other monthly individual income tax collections are 20.7% above prior year actuals.
Year-over-year comparisons can be impacted by differences in number of five Fridays, timing of payments and refunds, opening of tax season, changes in law and more. With important quarterly payment due dates, September, January, April, and June are the most important revenue months for individual income tax.
Year-to-date corporate tax collections totalled $444.5 million, which is $16.8 million (3.7%) below the December 2022 revenue forecast and $177.5 million (28.5%) below collections through the same period in the prior fiscal year.
Year-over-year comparisons are impacted by the repeal of the utility receipts tax and utility services use tax as well as other factors such as timing of payments and refunds, additional changes in law and more.
With important quarterly payment due dates, September, December, April, and June are the most important revenue months for corporate taxes. As previously noted, monthly collections and comparisons relative monthly estimates are better interpreted looking at the full fiscal year perspective. In addition to the factors mentioned throughout this commentary, various aspects to consider include federal policy actions, temporary and seasonal economic dynamics, interest rates, and
