January Revenue Exceeds Estimates
(IIB Photo/Alex Brown)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana General Fund revenues for January totaled $1.5 billion, which is 3.7% higher than estimates based on a revised revenue forecast. The Indiana State Budget Agency says the revenue total last month is up 6.4% from the same month the previous year.
The state says sales tax collections are above monthly estimates and year-ago revenue.
The agency says it’s difficult to identify the specific impact of the state collecting a 7% tax from online sales, but that “revenue collections attributable to compliance from marketplace facilitators contribute largely to the growth relative to the monthly estimate and prior year actuals.”
In late 2018, Indiana started collecting sales tax revenue from Hoosiers shopping online.
The revenue department says collections of individual income is below monthly estimates and revenue from January 2019, but corporate tax revenue is above in both categories.
The state says revenue from riverboat and racino wagering is above estimates.
To view the monthly revenue report, click here.