INDIANAPOLIS (Inside INdiana Business) — Indiana revenue exceeded the most recent projections in July. The Indiana State Budget Agency says General Fund revenues totaled just under $2 billion last month, more than 67% higher than the December revenue forecast and more than 77% higher than the same month last year.
The state says the increase can be attributed to the collection of income tax payments, the due date for which had been extended to July 15.
“Notably, an estimated $900 million of income tax payments, initially due in April and June, were collected in July,” the agency said. General Fund revenues came in lower than expected when excluding the estimated $900 million of deferred payments.”
Individual income tax collections and sales tax collections were each above the December forecast. Meanwhile, corporate tax collections, riverboat wagering collections and racino wagering collections were all below the monthly estimate in July.
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