Indiana Surpasses September Tax Revenue Target By Almost 16% | Government and politics
The Hoosier State continues to crush its monthly income goals.
Data released by the State Budget Agency on Friday shows Indiana raised a total of $ 1.91 billion in tax revenue for September.
This was $ 259.9 million, or 15.8%, more than projected by the state’s April 15 revenue forecast.
Records show that personal income tax payments topped all other types of taxes, bringing in $ 686.3 million, or $ 103.1 million (17.7%) above the monthly estimate.
At the same time, the $ 831.3 million in sales tax revenue in September was $ 86.6 million (11.6%) more than expected.
Revenue from corporate tax (by 31.2%), taxes on betting on riverboats (13%) and other revenue (4.1%) also exceeded expectations, adding dozens of millions of dollars more to the state’s net income.
In fact, Indiana’s tax revenue was $ 428.1 million, or 10.2%, ahead of the target for the July-September period which includes the first quarter of fiscal year 2022. state, according to records.