State revenues fall short of estimates in April
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Indiana’s revenue collections missed projections in April. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled $2.7 billion, which was 12.6% lower than the December 2023 forecast and 5.1% lower than the same month last year.
The agency attributed the results to “unusual payment timing as taxpayers adjust to recent tax law changes.”
Individual income tax collections totaled just under $1.5 billion, which was $302 million below projections and $39.6 million below April 2023. Sales tax collections, corporate tax collections, racino wagering collections and riverboat wagering collections were all below estimates, as well.
“Various timing factors impact this month’s withholdings and other individual income tax collections,” the agency said in its commentary on the revenue results. “These factors are projected to fully normalize over the coming months and month-to-month variations may still occur.”
Year-to-date, General Fund revenues totaled just under $17.5 billion, which is $23.3 million above the December 2023 forecast and 2% higher than the same period in the previous fiscal year.
You can connect to the full April 2024 revenue report by clicking here.