Better than expected collections for sales tax, individual income taxes, and riverboat wagering taxes pushed Indiana tax collections for November 6.2% above spring estimates.
The Indiana State Budget Agency reported November general fund revenues totaled $1,349.9 million, which is $79.4 million or 6.2% above April 15 estimates and $116.8 million or 9.5% above revenue in November 2020.
Sales tax collections totaled $801.3 million for November, which is $78.6 million or 10.9% above the monthly estimate and $97.4 million or 13.8% above revenue in November 2020.
Individual income tax collections totaled $492.7 million for November, which is $13.7 million or 2.9% above the monthly estimate and $27.9 million or 6% above revenue in November 2020.
Monthly collections related to tax withholdings came in $27.4 million above the monthly estimate and $51.6 million above prior year actuals. Other monthly individual income tax collections, net of refunds, came in $13.7 million below the monthly estimate and $23.7 million below prior year actuals.
Corporate tax collections totaled -$11.9 million for November, which is $20.3 million or 241.5% below the monthly estimate and $18.6 million or 277.4% below revenue in November 2020.
Riverboat wagering collections totaled $27.2 million for November, which is $9.3 million or 52% above the monthly estimate and $7.9 million or 41.2% above revenue in November 2020.
Racino wagering collections totaled $10.3 million for November, which is $500,000 or 5.4% above the monthly estimate and $2.3 million or 28.2% above revenue in November 2020.
Year-to-date general fund revenues totaled $7,340.3 million, which is $644.2 million or 9.6% above the April 2021 revenue forecast but $70.1 million or 0.9% below revenues through the same period in the prior fiscal year.
