Indiana’s revenue collections are up.
Year-to-date General Fund revenues totaled $12,792.8 million, which is $207.8 million (1.7%) above the December 2022 revenue forecast and $628.4 million (5.2%) above revenues through the same period in the prior fiscal year.
Year-to-date sales tax collections totaled $7,047.5 million, which is $18.9 million (0.3%) above the December 2022 revenue forecast and $412.8 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 $18.3 million (0.3%) above the December 2022 revenue forecast and $426.9 million (6.5%) above collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled $4,415.1 million, which is $88.4 million (2.0%) above the December 2022 revenue forecast and $185.5 million (4.4%) above collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $457.0 million, which is $1.7 million (0.4%) above the December 2022 revenue forecast but $179.7 million (28.2%) 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.
State budget officials say comparisons to estimates and prior year actuals will be better interpreted over the coming months as April and June are the two highest revenue activity months
They add 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 more.
