Better than expected collections from various taxes including individual income, corporate, and gaming taxes translated to strong cash flow for the state in January.
The Indiana State Budget Agency reported general fund revenues for January totaled $2,025.4 million, $41.2 million or 2.1% above December estimates and $202.6 million or 11.1% above revenue in January 2021.
The state said better than expected collections from individual income tax, corporate taxes, gaming taxes, and interest outweighed lower than expected collections in sales tax, insurance contributed to revenue gains.
Sales tax collections for the month totaled $976.2 million, which was $15.1 million or 1.5% below the estimates but $116.0 million or 13.5% above revenue in January 2021.
Individual income tax collections totaled $906 million for January, which was $34.9 million or 4% above the monthly estimate and $61.2 million or 7.2% above revenue in January 2021.
Corporate tax collections totaled $46.7 million for January, which was $26.6 million or 132% above the monthly estimate and $17.3 million or 58.6% above revenue in January 2021.
Year-to-date general fund revenues totaled $11,029.1 million, which was $64.6 million or 0.6% above the December 2021 revenue forecast and $338.1 million or 3.2% above revenues through the same period in the prior fiscal year.