October Revenues Down, But Year-To-Date Tax Collections Up
Staff Report
TheStatehouseFile.com
INDIANAPOLIS—Indiana’s general fund revenues in October were down nearly 3 percent from the December 2017 forecast and .5 percent below what the state took in during the same period a year ago because individual income tax collections were down.
The state’s revenues for October totaled nearly $1.2 billion, or about $35 million below estimates, even though revenue in most categories was higher than the forecast and the year-over-year tax collections. Individual income taxes were $402 million or 14 percent below the monthly estimate and 15 percent below year-over-year numbers.Â
In Other Taxes:
- Sales taxes revenues were $675.4 million in October or 2.3 percent above estimates and 6.2 percent above what was collected in October 2017;
- Corporate taxes totaled $12 million or nearly 98 percent above the estimate and more than 200 percent above the collections a year ago;
- Riverboat wagering added more than $21 million to state’s revenues while racino wagering contributed $7.9 million. Both exceeded the forecast.
Overall, the state has collected nearly $5 billion in revenue from all taxes sources through the current fiscal year, which is nearly 2 percent above the forecast and 5 percent greater than funds collected by this time a year.
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