Indiana’s revenue collections continue to exceed projections.
The State Budget Agency said Thursday that General Fund revenue last month was $1.5 billion, 4.6 percent above December 2022’s forecast and 2.5 percent higher than last year.
The agency credits better-than-expected collections from sales tax, individual income tax, corporate tax, and interest revenues. .
Sales tax collections totalled $787 million last month, which was close to $25 million higher than projections. Corporate taxes totalled nearly $80 million, which was almost 61 percent higher than the monthly estimate.
Riverboat wagering tax collections totalled $35.4 million for March, which is $1.7 million, 5.1 percent, above the monthly estimate but $19.6 million, 35.6 percent below revenue in March 2022. Meanwhile, racino wagering tax collections totalled $13.0 million for March, which is $1.8 million, 12.1 percent below the monthly estimate and $0.2 million, 1.7 percent below revenue in March 2022.
To date, General Fund revenues brought in $14.3 billion, which is $280 million above the December forecast and nearly five percent higher than the same period in the previous fiscal year.
