February Collections Top Expectations
Indiana’s tax collections for February topped the latest projection by nearly $45 million, but came in more than 3 percent below the same month the previous year. The Indiana State Budget Agency says, fiscal year-to-date, collections are slightly higher than estimates.
The agency says general fund collections for February were $718.6 million, which is $44.8 million above projections, but $26.8 million below February 2015 revenue. Sales tax and corporate tax collections came in below monthly estimates, while individual income tax, riverboat wagering and racino wagering collections were all above projections.
Eight months into the fiscal year, collections total $9.07 billion, which is 0.6 percent higher than estimated, and 0.4 percent higher than collections for the same period the previous year. Sales tax and corporate collections are lower than predicted so far this fiscal year, while individual income tax collections are above projections.