October State Revenue Tops Target

Indiana revenues for October were $1.4 million above the latest estimate and more than $30 million higher than the same month last year. The Indiana State Budget Agency says collections so far for fiscal 2015 are $37.3 million below target.

Indianapolis, Ind. — The monthly revenue report for October 2014 state tax collections was released today.

Charts visualizing October 2014 data (year-over-year growth and comparisons to monthly estimates) also 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 October were $1,080 million, which is $1.4 million

(0.1%) above the estimate based on the December 20, 2013 forecast and $30.6

million (2.9%) above revenue in October 2013.

–Sales tax collections were $609.3 million for October, which is $19.4 million (3.3%)

above the estimate for the month and $45.5 million (8.1%) above revenue in October

2013.

–Individual income tax collections totaled $370.9 million for the month, which is $8.1 million (2.1%) below the estimate for the month, but $36.4 million (10.9%) above revenue in October 2013.

–Corporate income tax collections were $25.9 million, which is $7.2 million (21.9%)

below estimate for the month and $21.1 million (44.9%) below revenue in October

2013.

Commentary

For the first fourth months of the fiscal year 2015, total state general fund revenues were $37.3 million (0.8%) below the December 20, 2013 projected forecast but $80.8 million (1.8%) above collections in the first four months of fiscal year 2014.

Sales tax collections through four months of fiscal year 2015 were $34.7 million (1.4%) above estimate and $131.9 million (5.7%) above collections through four months of fiscal year 2014.

Individual income tax collections through four months of fiscal year 2015 have grown by $86.6 million (5.8%) over the same period a year ago but are $57.8 million (3.5%) below estimate year to date.

Corporate tax collections through four months of fiscal year 2015 declined $31 million

(10.7%) below collections the same period a year ago but were $4.2 million (1.6%) above estimate year to date.

Source: Indiana State Budget Agency