January Tax Collections Top Estimates
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.