Indiana’s monthly revenue report shows the state continues to exceed projections. The Indiana State Budget Agency says General Fund revenues totaled more than $1.8 billion last month, which was $515 million, or 38%, above the April revenue forecast. It’s also $926 million above actual revenue in May 2020.
The Indiana Department of Revenue says year-over-year comparisons are particularly impacted by the different economic developments and federal policy actions associated with the onset of the pandemic.
The state says schedule adjustments and deferrals of tax payments are also playing a factor in the jump.
The agency says monthly collections from sales tax, individual income tax, corporate adjusted gross income tax, and gaming taxes came in above monthly estimates and are trending at multi-year highs.
For example, riverboat wagering collections totaled $41 million for May, which is $10 million above the monthly estimate. It’s also $40.9 million above revenue in May 2020. The state did not collect wagering taxes since casinos were closed due to the public health emergency.
The agency says collections were influenced by unusual factors, including changes to restrictions related to the pandemic, developments of vaccines, and changes to federal policy on unemployment.