November revenue beats estimates

INDIANAPOLIS (Inside INdiana Business) — Indiana revenue exceeded the most recent projections in November. The Indiana State Budget Agency says General Fund revenues totaled more than $1.1 billion lat month, which is 5% higher than the April revenue forecast and 6.9% higher than the same month last year.

All forms of tax collections measured by the state, which include sales tax, individual income tax, corporate tax, and racino and riverboat wagering, were above the monthly estimate.

“While it is too early to identify the specific impact of the state enforcement of the recent changes in the taxation of remote sales on the fiscal year-to-date tax
collections, tax payments from remote sellers are contributing to the positive fiscal year-to-date difference relative to current year estimates and prior year actuals,” the agency said.

Year-to-date, the state has collected more than $6 billion, which is 4.1% higher than the revenue forecast and 3.6% higher than collections through the same period in the previous fiscal year.

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