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January Tax Collections Top Estimates

Friday, February 5, 2016 01:21 PM EDT Updated: Friday, February 5, 2016 01:47 PM EDT
By Andy Ober
January Tax Collections Top Estimates The state is reporting $1.84 billion in general fund collections for April.

Indiana tax revenue for January topped $1.4 billion, slightly higher than the latest estimate and more than 5 percent above January 2015. The Indiana State Budget Agency says year-to-date collections are essentially in-line with the most recent forecast.

The agency says general fund collections totaled $1.44 billion in January, which is $23.9 million above the monthly estimate and $78.1 million higher than revenue for the same month the previous year. Sales tax and corporate tax collections also topped projections, while individual income tax, riverboat wagering and racino wagering collections missed estimates.

Year-to-date, general fund and individual income tax collections are above the most recent forecast, and sales tax and corporate collections are below estimates.

The full revenue report is available here.

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Helping Hoosier businesses build bigger: An often overlooked program can help

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Experts are predicting that volatility in the economy will continue for the remainder of the year. Consumers are faced with inflation and fluctuating interest rates, with at least one more rate increase predicted to “cool off” the overheated economy. Businesses are also paying close attention to interest rates, especially entrepreneurs looking to launch or expand businesses....

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