Strong performance from sales, individual income and corporate taxes has translated to Indiana’s August tax collections coming in higher than projected.
The state reported general fund revenues for August totaled $1,549.5 million or $128.1 million, about 9% above December estimates and $173.3 million or 12.6% above revenue in August 2021.
The state said better-than-expected collections from individual income tax, sales tax, and corporate taxes, as well as well as interest and miscellaneous revenues sparked August’s performance.
Sales tax collections totaled $861.5 million for August, which was $28.3 million or 3.4% above the monthly estimate and $56 million or 6.9% above revenue in August 2021.
Monthly collections attributable to sales tax excluding gasoline use tax were $22.9 million above the monthly estimate and $54.5 million or 6.9% above prior year actuals.
Gasoline use tax monthly collections came in $5.4 million above the monthly estimate and $1.4 million or 9.6% above prior year actuals, the state said. The gasoline use tax rate was above the monthly estimate.
Individual income tax collections totaled $611.9 million for August, which was $71 million or 13.1% above the monthly estimate and $108.6 million or 21.6% above revenue in August 2021.
Corporate tax collections totaled $9.9 million for August, which was $15.1 million or 289.8% above the monthly estimate but $2 million or 17.1% below revenue in August 2021.
The state said year-to-date general fund revenues totaled $3,032.3 million, which was $200.1 million or 7.1% above the December 2021 revenue forecast and $321.1 million or 11.8% above revenues through the same period in the prior fiscal year.