State revenues beat estimates in March
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Indiana’s revenue collections outpaced projections in March. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled just over $1.5 billion, which was 1.5% higher than the December 2023 forecast and 0.2% higher than the same month last year.
The numbers are a rebound from February, where revenue totals fell short of state estimates.
The agency attributed the results to higher-than-expected collections from individual income taxes, which outweighed lower-than-expected corporate taxes.
Individual income tax collections totaled nearly $530 million last month, which was $26.6 million above projections and $2.2 million above March 2023. Meanwhile, sales tax collections, corporate tax collections, and racino wagering collections were all below projections.
Year-to-date, General Fund revenues totaled $14.8 billion, which is $416.2 million above the December 2023 forecast, and 3.4% higher than the same period in the previous fiscal year.
You can connect to the full March 2024 revenue report by clicking here.