State revenue below projection after two better-than-expected months
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Indiana’s October revenue collections were less than expected, specifically regarding individual income tax.
General Fund revenues last month totaled almost $1.5 billion, which is an 8.4% drop from the April 2023 forecast and 11.3% lower than the same month last year, according to the Indiana State Budget Agency.
The agency pointed to lower-than-expected income tax and sales tax outweighed higher-than-expected collections from interest. While this month did not meet expectations, the agency reported that September and August revenues were higher than their estimates.
Sale tax collections in October came to $845.2 million, a 5.5% dip from the estimate. Income tax came in 17.3% less than projected, totaling $496.4 million.
Corporate tax collections were slightly above their estimate, but racino wagering collections and riverboat wagering collections were below.
You can connect to the full October 2023 revenue report by clicking here.