Indiana Monthly Revenues Miss Target

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State revenues in February were nearly $2 million below the most recent forecast, but $37 million above the same month last year. The Indiana State Budget Agency says collections for the first eight months of fiscal 2015 are more than $91 million below December projections. March 5, 2015

News Release

INDIANAPOLIS, Ind. – The monthly revenue report for February 2015 state tax collections was released today. Charts visualizing February 2015 data (year-over-year growth and comparisons to monthly estimates) are located on the Management and Performance Hub website under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.

Results

State general fund revenues for February were $745.4 million, which is $1.9 million (0.3 percent) below the estimate based on the December 18, 2014 revised forecast and $37.0 million (5.2 percent) above revenue in February 2014.

Sales tax collections were $535.6 million for February, which is $19.2 million (3.5

percent) below the monthly estimate and $23.6 million (4.6 percent) above revenue in February 2014.

Individual income tax collections totaled $124.1 million for the month, which is $6.6 million (5.1 percent) below the revised monthly estimate and $3.2 million (2.6 percent) above revenue in February 2014.

Corporate tax collections were $7.8 million for the month, which is $20.7 million (159.9 percent) above the revised monthly estimate.

Riverboat wagering collections were $33.2 million for February, which is $0.3 million (1.0 percent) above the revised monthly estimate.

Racino wagering collections totaled $9.8 million for the month, which is $0.3 million (2.7 percent) below the revised monthly estimate.

Commentary

For the first eight months of fiscal year 2015, total state general fund revenues were $9,037.4 million, which is $91.1 million (1.0 percent) below the estimates based on the December 18, 2014 forecast but $267.7 million (3.1 percent) above collections in the first eight months of fiscal year 2014.

Sales tax collections through the first eight months of fiscal year 2015 were $31.0 million (0.6 percent) above the revised estimate and $272.4 million (5.9 percent) above collections through the same period of fiscal year 2014.

Individual income tax collections through the first eight months of fiscal year 2015 have grown by $127.2 million (4.3 percent) over the same period of fiscal year 2014 but were $131.7 million (4.1 percent) below the revised estimate year to date.

Corporate tax collections through the first eight months of fiscal year 2015 were $14.6 million (3.2 percent) below collections the same period a year ago and were $7.8 million (1.8 percent) above the revised estimate year to date.

Source: The State of Indiana