Indiana state revenue collection continued its steady growth.
Year-to-date General Fund revenues totalled $5,09 billion, which is $65.5 million (1.3%) above the April 2023 revenue forecast and $178.9 million (3.6%) above revenues through the same period in the prior fiscal year.
Year-to-date sales tax collections totalled $2,62 billion, which is $90.9 million (3.4%) below the April 2023 revenue forecast and $11.7 million (0.4%) below collections through the same period in the prior fiscal year.
Year-to-date collections attributable to sales tax, excluding gasoline use tax are $72.1 million (2.7%) below the April 2023 revenue forecast but $33.6 million (1.3%) above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totalled $1,857.7 million, which is $147.3 million (8.6%) above the April 2023 revenue forecast and $139.4 million (8.1%) above collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totalled $231.4 million, which is $54.6 million (19.1%) below the April 2023 revenue forecast and $45.5 million (16.4%) 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.
