State revenue beats projections again
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Indiana’s revenue collections outpaced projections in August. The Indiana State Budget Agency said Monday that General Fund revenues last month totaled nearly $1.5 billion, which was 3% above the April 2023 forecast, but nearly 5% lower than the same month last year.
The agency noted that better-than-expected collections from individual income taxes outweighed lower-than expected collections from sales and corporate income taxes.
Individual income tax collections totaled $504 million last month, more than $53 million above projections but $108 million below August 2022. Sales tax collections were 3.3% below the monthly estimate.
Corporate tax collections and racino wagering collections were below the April 2023 estimate, however riverboat wagering collections were above estimates.
You can connect to the full August 2023 revenue report by clicking here.