State Releases Revenue Report For January 2017

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INDIANAPOLIS – Indiana Governor Eric J. Holcomb and State Budget Director Jason Dudich on Wednesday released the monthly revenue report for January 2017. General Fund revenues for January totaled $1,502.2 million, which is within $0.5 million (0.03 percent) of estimates based on the December 15, 2016 forecast and $58.5 million (4.1 percent) above revenues in January 2016. Year to date, General Fund revenues are $217.5 million (2.6 percent) above collections through the same time period in 2016.

“This report shows our state’s revenue outlook is in line with expectations, which is good news for Indiana lawmakers as they work through this budget session of the Indiana General Assembly,” Governor Eric Holcomb said.

The full January 2017 revenue report for state tax collections is available on the State Budget Agency website atwww.in.gov/sba/2696.htm.

Summary of Results

General Fund revenues for January totaled $1,502.2 million, which is $0.5 million (0.03 percent) less than estimate based on the December 15, 2016 forecast but $58.5 million (4.1 percent) above revenue in January 2016.

Sales tax collections totaled $731.9 million for January, which is $25.8 million (3.7 percent) above the monthly estimate and $32.2 million (4.6 percent) above revenue in January 2016.

 

  • Individual income tax collections totaled $683.6 million for January, which is $19.5 million (2.8 percent) below the monthly estimate but $54.2 million (8.6 percent) above revenue in January 2016.

 

  • Corporate tax collections totaled negative $1.5 million for January, which is $7.0 million (128.3 percent) below the monthly estimate and $27.7 million (105.9 percent) below revenue in January 2016.

 

  • Riverboat wagering collections totaled $28.4 million for January, which is $0.7 million (2.3 percent) below the monthly estimate but $0.4 million (1.5 percent) above revenue in January 2016.

 

  • Racino wagering collections totaled $8.9 million for January, which is $0.2 million (1.8 percent) above the monthly estimate and $0.9 million (11.9 percent) above revenue in January 2016.

 

Commentary 

 

  • Year-to-date General Fund collections totaled $8,570.4 million, which is $34.6 million (0.4 percent) above the December 2016 revenue forecast and $217.5 million (2.6 percent) above collections through the same period in the prior fiscal year.

 

  • Year-to-date sales tax collections totaled $4,443.8 million, which is $58.7 million (1.3 percent) above the December 2016 forecast and $139.3 million (3.2 percent) above collections through the same period in the prior fiscal year.
  • Year-to-date individual income tax collections totaled $3,205.8 million, which is $21.1 million (0.7 percent) above the December 2016 forecast and $147.9 million (4.8 percent) above collections through the same period in the prior fiscal year.

 

  • Year-to-date corporate tax collections totaled $355.3 million, which is $40.9 million (10.3 percent) below the December 2016 forecast and $50.7 million (12.5 percent) below collections through the same period in the prior fiscal year.

 

 

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