State revenue continues to beat estimates
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Indiana continued its trend of beating the most recent revenue projections in July. The Indiana State Budget Agency says General Fund revenues last month totaled nearly $1.5 billion, which was 5.1% higher than the December 2021 forecast and more than 11% higher than the same month last year.
The agency says timing changes in the reporting of collections from gaming taxes passed by the Indiana General Assembly this year as well as better-than-expected sales tax collections were the key drivers in the increased revenue.
In addition to sales tax collections, individual income tax, riverboat wagering tax collections were all above projections, while corporate tax and racino wagering tax collections fell below estimates for July.
You can connect to the full July revenue report by clicking here.
The continued growth in revenue has led to two taxpayer refunds for Hoosiers. The Indiana Capital Chronicle reported earlier this week that checks for the $125 Automatic Taxpayer Refund triggered last year as well as the $200 refund approved by the Indiana General Assembly in the recent special session are expected to arrive in a matter of weeks.