• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Michiana Business News

Michiana's Leading Regional Business News Site

  • Home
  • Industries
    • Agribusiness
    • Banking
    • Entertainment
    • Health & Wellness
    • Hospitality
    • Manufacturing & Technology
    • Media
    • Real Estate & Building
    • Professional Services
    • Small Business
    • Tourism & Recreation
    • Transportation & Logistics
    • Utilities
  • Community
    • Around Michiana
    • Best of Michiana Business Awards
    • Business News
    • Diversity
    • Economic Development
    • Education
    • Energy/Environment
    • Entrepreneurship
    • Environmental Responsibility
    • Exporting
    • Gaming/Gambling
    • Government
    • Infrastructure
    • Leader & CEO Profiles
    • Leadership
    • Made in Michiana
    • Making a Difference
    • Philanthropy
    • Place making
    • Workforce
  • Lifestyle
    • Arts & Entertainment
  • About
    • Privacy
    • Terms
    • Contact us
  • Register
  • Login
You are here: Home / Community / Business News / State tax collections in March ahead of projections

State tax collections in March ahead of projections

April 28, 2022 – By Larry Avila

Downtown Indianapolis skyline at twilight.

Better than expected collections from sales, corporate and gaming taxes translated to strong revenue performance for the state in March.

The State Budget Agency reported general fund revenues for March totaled $1,462.9 million, which was $167.9 million or 13% above estimates based on the Dec. 16, 2021 revenue forecast and $301.7 million or 26% above revenue in March 2021.

The state credited higher than projected collections from sales, individual income, corporate, and gaming taxes, as well as miscellaneous revenues for boosting previous estimates.

Sales tax collections totaled $732.8 million for March, which was $20.8 million or 2.9% above the monthly estimate and $86.2 million or 13.3% above revenue in March 2021.

Individual income tax collections totaled $537.2 million for March, which was $78.5 million or 17.1% above the monthly estimate and $150.7 million or 39% above revenue in March 2021.

Monthly collections related to tax withholdings came in $18.3 million above the monthly estimate and $92.6 million or 12.4% above prior year actuals. Other monthly individual income tax collections, net of refunds, came in $60.2 million above the monthly estimate and $58.2 million or 16.2% above prior year actuals.

Corporate tax collections totaled $61.3 million for March, which was $33.6 million or 121.8% above the monthly estimate and $17.9 million or 41.3% above revenue in March 2021.

Riverboat wagering collections totaled $55 million for March, which was $14.6 million or 36.1% above the monthly estimate and $23.7 million or 75.7% above revenue in March 2021.  

Year-to-date general fund revenues totaled $13,627.3 million, which was $368.5 million above the December 2021 revenue forecast and $752.4 million or 5.8% 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.

    Follow Larry Avila on:

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

Primary Sidebar

Post Author

Larry Avila Larry Avila

Categories

Archives

Footer

  • Home
  • Register
  • Advertising
  • Privacy
  • Terms
  • Contact us
  • About

Copyright © 2023 · Linker Media Group, Inc · All rights reserved