By Brynna Sentel
TheStatehouseFile.com
INDIANAPOLIS—The Indiana State Budget Agency has reported that in September the state took in $1.7 billion, or an increase of 6.3% year-over-year.
Collections from sales and use, individual income and corporate taxes plus other revenue sources such as insurance and interest propelled the general fund above estimates. The revenues are also higher compared to the prior month and year-over-year, the agency reported.
General fund revenue is $91.1 million, or 5.6%, higher than estimated in the April 17 revised revenue forecast.
The year-to-date general fund collections totaled $3.9 billion, which is $151.7 million or 4% above the revised revenue forecast, and $113.2 million, or 2.9% above collections through the same period in the prior fiscal year.
The agency reported that September is a high revenue activity month but most revenue collections are projected to come in between the months of December and June.
Although revenue from gasoline tax came in slightly below estimates, sales tax collections totaled $710.6 million, which is $33.9 million or 5% above the forecast and $52.7 million, or 8%, more than September last year.
Sales tax collections year-to-date totaled about $2.1 billion, which is $55.3 million or 2.7% above the estimate, and $81 million, or 4.1% above collections through the same period in the prior fiscal year.
Individual income tax revenue totaled $683.7 million, which is $40.7 million, 6.3% above estimated, and $55.2 million, or 8.8% higher than this time last year.
Year-to-date individual tax collections totaled $1.4 billion, which is $52.9 million or 3.8% above the estimate and $8.5 million, or 0.6% above collections through the same period in the prior fiscal year.
Corporate tax collections totaled $186.8 million. Although this was $17.2 million or 8.4% below revenue in September 2018, it was still $0.9 million, or 0.5% above the estimate.
Year-to-date corporate tax collections totaled $196.7 million, which is $24.1 million or 1% above the estimate and $15 million, or 8.3% above collections through the same period in the prior fiscal year.
FOOTNOTE: Brynna Sentel is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students.
