Indiana’s revenue collections were mostly flat in May.
According to the State Budget Agency, year-to-date General Fund revenues totaled approximately $18.7 billion, which is $15.6 million (0.1%) above the April 2023 revenue forecast and $3.6 million (0.0%) above revenues through the same period in the prior fiscal year.
Sales tax collections totaled $9.6 billion, which is $43.3 million (0.5%) below the April 2023 revenue forecast but $464.5 million (5.1%) above collections through the same period in the prior fiscal year.
Year-to-date collections attributable to sales tax excluding gasoline use tax are $49.2 million (0.5%) below the April 2023 revenue forecast but $494.4 million (5.5%) above
collections through the same period in the prior fiscal year.
Year-to-date individual income tax collections totaled close to $7 billion, which is $20.5 million (0.3%) below the April 2023 revenue forecast and $519.3 million (7.0%) below
collections through the same period in the prior fiscal year.
Year-to-date corporate tax collections totaled $923.3 million, which is $33.2 million (3.7%) above the April 2023 revenue forecast but $224.4 million (19.6%) 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.
Budget officials say comparisons to estimates and prior-year actuals will be better interpreted over the April and June months since those months are the two highest revenue activity months.
