Monthly Revenue Report

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The monthly revenue report for January, along with commentary from State Budget Director Brian Bailey, has been posted on the State Budget Agency webpage. The report and commentary can be found here: http://www.in.gov/sba/2659.htm. Charts visualizing revenue data are located on the Management and Performance Hub under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.

 

Results

 

  • General Fund collections for January totaled $1,443.7 million, which is $23.9 million (1.7%) more than the monthly estimate and $78.1 million (5.7%) above January 2015 revenue.
  • Sales tax collections totaled $699.7 million for January, which is $0.8 million (0.1%) above the monthly estimate and $16.5 million (2.4%) above revenue in January 2015.
  • Individual income tax collections totaled $629.4 million for January, which is $2.0 million (0.3%) below the monthly estimate but $36.5 million (6.2%) above revenue in January 2015.
  • Corporate tax collections totaled $26.1 million for January, which is $24.2 million (1,262.2%) above the monthly estimate and $28.9 million (1,039.9%) above revenue in January 2015.  Lower corporate tax refunds for the month are contributing to better than expected corporate collections for January.
  • Riverboat wagering collections totaled $28.0 million for January, which is $2.2 million (7.2%) below the monthly estimate and $7.1 million (20.3%) below revenue in January 2015.
  • Racino wagering collections totaled $7.9 million for January, which is $0.5 million (5.8%) below the monthly estimate and $2.1 million (21.1%) below revenue in January 2015.

 

Commentary

 

Year-to-date General Fund collections totaled $8,352.8 million, which is $7.2 million (0.1%) higher than estimated, and $60.9 million (0.7%) above collections for the same period last year.

 

Sales tax collections through seven months of fiscal year 2016 were $44.6 million (1.0%) below estimate and $21.1 million (0.5%) below collections through seven months of fiscal year 2015.

 

Individual income tax collections through seven months of fiscal year 2016 have grown by $105.2 million (3.6%) over the same period a year ago and were $54.5 million (1.8%) above the year-to-date estimate.

 

Corporate collections seven months into fiscal year 2016 were $27.6 million (6.4%) below year-to-date collections of fiscal year 2015 and $22.2 million (5.2%) below the year-to-date estimate.

 

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