May Revenue Exceeds Expectations

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Year-to-date, the state has collected more than $14 billion. Year-to-date, the state has collected more than $14 billion.
INDIANAPOLIS -

Indiana revenue exceeded the most recent projections in May. The Indiana State Budget Agency says General Fund revenues totaled more than $1.1 billion last month, nearly 8 percent higher than the revised revenue forecast in April and 7 percent higher than the same month last year.

Sales tax collections, individual income tax collections, corporate tax collections and racino wagering collections were all above the monthly estimate. Only riverboat wagering collections were below projections, down 2.7 percent.

"May revenues were particularly strong from a year-over-year perspective," the agency said. "While it is early to identify the specific impact of the state enforcement of the recent changes in the taxation of remote sales on the fiscal year-to-date tax collections, revenues from remote sellers are included in the year-to-date collections."

Year-to-date, the state has collected more than $14 billion, which is 1.3 percent higher than the revenue forecast and 5.2 percent above collections through the same period in the previous fiscal year.

You can connect to the monthly revenue report by clicking here.

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