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You are here: Home / Community / Business News / Indiana revenues running ahead of projections

Indiana revenues running ahead of projections

September 28, 2022 – By Larry Avila

Indiana Statehouse Capitol Building Dome on a Sunny Day

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.  

Author

  • Larry Avila Larry Avila

    Larry is an award-winning journalist with more than 25 years of experience working with daily newspapers and business-to-business publications around the Midwest. Avila is a Michigan native and a graduate of Central Michigan University.

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Filed Under: Economy, Business News, Government Tagged With: Around Michiana, August 2022 state tax collections, Indiana State Budget Office

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