Indiana Tax Revenue Surpasses Expectations Again In August | Government and Politics
The Hoosier spending madness continues.
Data released by the State Budget Agency on Friday shows Indiana raised $ 103 million – or 8.1 percent – in more tax revenue in August than officials predicted in April when ‘they drew up the two-year government revenue forecast.
Records show the majority of the additional revenue came from the 7% sales tax Hoosiers paid when they purchased products last month from Indiana-based stores and online retailers.
Personal income tax payments also exceeded expectations in August after simply hitting the expected amount in July.
Last month’s state income report shows Indiana collected $ 503.3 million in personal income taxes. This was $ 27.8 million, or 5.8%, more than expected.
The State Budget Agency urged the Hoosiers to keep an eye out for the September income tax issue, due to be released in early October, to see if August was an unusual hit, or if more Hoosiers work, if incomes increase and if tax revenues are higher. being generated accordingly for the state.
Records show that Indiana businesses also benefit from Hoosiers’ additional expenses and income.