State Revenue Ticks Higher in August
(image courtesy of Pixabay/NIkolay Frolochkin
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana revenue in August exceeded projections by nearly five percent, coming in at $1.1 billion. The Indiana State Budget Agency reports General Revenue funds last month were 4.9 percent above projections in April and 5.1 percent higher than August 2018 revenue.
“Overall, higher than expected collections from sales and use, individual income and corporate taxes combined to drive General Fund revenues above current year estimates and prior year actuals both on a monthly and fiscal year-to-date basis,” said the agency.
Sales tax revenue came in higher than anticipated at $693 million, more than three percent higher than projections. ISBA says it’s still too early to identify the “specific impact of the state enforcement of recent changes in the taxation of remote sales.” Last fall, the U.S. Supreme Court handed down a ruling on e-commerce sales, allowing states to impose sales taxes for online purchases.
Indiana is one of ten states where the new tax was implemented. “Tax payments from remote sellers are included in the current year-to-date collections,” said the agency.
As far as revenue from casinos, the state saw a big drop in riverboat wagering receipts. August collections measured $7.8 million, a 31 percent decline from earlier projections.
Racino wagering reached $8.6 million in August, 11.5 percent higher than monthly estimates.
Year to date revenues General Fund collections totaled $2.24 billion, 2.8 percent higher than April 2019 revised revenue forecast.
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