State revenue continues to beat estimates

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

Indiana’s revenue collections continued to outpace projections in September. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled more than $2 billion, which was 0.7% above the April 2023 forecast and 7.2% higher than the same month last year.

The agency noted that better-than-expected collections from individual income taxes and interest outweighed lower-than-expected collections from sales and corporate income taxes.

Individual income tax collections totaled $788 million last month, which is $81 million above projections and $151 million above September 2022. Sales tax collections were 3.7% below the monthly estimate.

Corporate tax collections, racino wagering collections and riverboat wagering collections were all below the April 2023 estimate.

You can connect to the full September 2023 revenue report by clicking here.