The state of Indiana brought in more tax revenue in December than it originally projected.
The Indiana State Budget Agency said general fund revenues for December totaled $1,457.8 million, which is $4.9 million or 0.3% above Dec. 16. estimates but $73.6 million or 4.8% below revenue in December 2019.
“Total monthly general fund revenues are better interpreted relative to the current year monthly estimate in December due to individual income taxes, specifically withholdings, being relatively inflated in December 2019 because of the five Fridays effect,” the state said.
The state said at the end of November, general fund revenues were $901.2 million above the December 2019 forecast mostly due to nearly $900 million of income tax payments estimated to have been deferred from FY 2020 to FY2021 due to the alignment of Indiana’s tax filing and payment due dates with the federal deferral to July 15.
Sales tax collections totaled $718.2 million for December, which is $4 million or 0.6% above the monthly estimate and $31.2 million or 4.5% above revenue in December 2019.
Monthly collections attributable to sales tax excluding gasoline use tax were $7.3 million above the current year monthly estimate and $36.9 million above prior year actuals. On gasoline use tax, lower than expected gasoline consumption and gasoline use tax rates continued to weigh on gasoline use tax collections, the state said.
Individual income tax collections totaled $452.3 million for December, which is $3.4 million or 0.8% above the monthly estimate but $59.9 million or 11.7% below revenue in December 2019.