State revenues beat estimates in May
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Indiana’s revenue collections outpaced projections in May. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled nearly $1.6 billion, which was 8.7% higher than the December 2023 forecast and 3% higher than the same month last year.
The agency noted that higher-than-expected collections from individual and corporate income taxes outweighed lower-than expected collections in sales tax.
Individual income tax, corporate income tax, riverboat wagering and racino wagering collections were all above projections last month. Sales tax collections, however, totaled $850 million, which was $13.1 million below projections and $3.1 million lower than May 2023.
Year-to-date, General Fund revenues totaled just over $19 billion, which is $150 million above the December 2023 forecast and $2.1% higher than the same period in the previous fiscal year.
You can connect to the full May 2024 revenue report by clicking here.