Better than expected collections from sales taxes, income and corporate taxes contributed to Indiana exceeding revenue projections for January.
The Indiana State Budget Agency reported general fund revenues for January totaled $1,822.8 million, $245.4 million or 15.6% above December estimates and $235.3 million or 14.8% above revenue in January 2020.
Sales tax collections totaled $860.2 million for January, which was $56.9 million or 7.1% above December estimates and $38.6 million or 4.7% above revenue in January 2020.
Monthly collections attributable to sales tax excluding gasoline use tax were $59 million above the current year monthly estimate and $46.4 million above collections the same month last year. Lower than expected gasoline consumption and gasoline use tax rates continued to weigh on gasoline use tax collections, which has been the case since March 2020, the state said.
Monthly gas tax collections were $2 million below the January monthly estimate, the state said.
Individual income tax collections totaled $844.8 million for January, which was $148.8 million or 21.4% above the monthly estimate and $195.6 million or 30.1% above revenue in January 2020.
Monthly collections related to tax withholdings came in $105.1 million above the monthly estimate and $120.4 million above prior year actuals. Other monthly individual income tax collections, net of refunds, came in $43.7 million above the monthly estimate and $75.2 million above prior year actuals.
Corporate tax collections totaled $29.5 million for January, which is $40.2 million or 372.9% above December estimates and $2.5 million or 9.2% above revenue in January 2020.
Riverboat wagering collections totaled $26.6 million for January, which was $2.9 million or 12.4% above the monthly estimate but $4.3 million or 14% below revenue in January 2020.
