Indiana Tax Revenue Surpasses Project By 11.1% In October | Government and politics
There’s no question about it – Indiana’s economy is on a roll.
Data released by the State Budget Agency on Friday shows that Indiana raised a total of $ 1.37 billion in tax revenue in October.
This was $ 136.7 million, or 11.1%, more than projected by the state’s April 15 revenue forecast.
It is also the seventh consecutive month that state revenues have exceeded expectations, and the second consecutive month that the forecast has been broken by a double-digit percentage (15.8% in September).
Records show that personal income tax payments led major tax categories to exceed expectations, bringing in $ 465.6 million, or $ 47.9 million (11.5%) as of above the monthly estimate.
Meanwhile, the $ 794.2 million in sales tax revenue for September was $ 50.6 million (6.8%) more than expected.
Corporate income tax revenues totaling $ 35 million, riverboat betting taxes of $ 26.7 million and other collections ($ 39.4 million) also exceeded forecast, adding an additional $ 101.1 million to the state’s net income for October.
In fact, Indiana’s total tax revenue stands at $ 564.8 million, or 10.4%, ahead of the target for the July-October period which includes the first third of the budget year. State 2022, according to records.