State revenues beat estimates again
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Indiana’s revenue collections again outpaced projections in January. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just under $2.3 billion, which was 9.3% higher than the December 2023 forecast and 15.8% higher than the same month last year.
It is the second consecutive month that revenue totals have beaten state estimates.
Just as with the December revenue report, the agency noted that collections from individual taxes in January came in above the monthly estimate due to “unusual timing factors that are currently expected to normalize near the fiscal year forecast over the coming months.”
Individual income tax collections totaled just over $1 billion last month, which was $193 million above projections and $249 million above January 2023. Sales tax collections, however, were 1.7% below the monthly estimate.
Corporate tax collections, riverboat wagering collections and racino wagering collections were all above projections as well.
Year-to-date, General Fund revenues totaled $12.2 billion, which is $437 million above the December 2023 forecast and 5.2% higher than the same period in the previous fiscal year.
You can connect to the full January 2024 revenue report by clicking here.