State revenue beats projections again
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Indiana’s revenue collections for March once again outpaced the most recent estimate. The Indiana State Budget Agency said Thursday that General Fund revenues last month totaled $1.5 billion, which was 4.6% above the December 2022 forecast and 2.5% higher than the same month last year.
The agency said better-than-expected collections from sales tax, individual income tax, corporate tax, and interest revenues were the primary drivers of March’s performance.
Sales tax collections totaled $787 million last month, nearly $25 million higher than projections. Corporate taxes totaled nearly $80 million, which was almost 61% higher than the monthly estimate.
Additionally, riverboat wagering collections exceeded projections, while racino wagering collections fell below estimates.
Year-to-date, General Fund revenues totaled $14.3 billion, which is $280 million above the December forecast and 4.9% higher than the same period in the previous fiscal year.
You can connect to the full March 2023 revenue report by clicking here.