October state revenues beat projections
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAfter falling short the previous month, Indiana’s revenue collections for October exceeded the most recent estimates. The Indiana State Budget Agency says General Fund revenues last month totaled nearly $1.7 billion, which was 12.6% above the December 2021 forecast and 20.7% higher than the same month last year.
The agency says a delay in income tax payment processing led to $64 million in individual income tax collections and $6 million in corporate tax collections being reported in October instead of September.
If the delay had not been a factor, state revenues would have been 7.8% higher than the December forecast and 15.5% higher than October 2021.
Only riverboat wagering and racino wagering tax collections fell short of the monthly estimate in October. However, the agency says timing changes in the reporting of collections from gaming taxes passed by the Indiana General Assembly this year will affect the first few months of the fiscal year.
Year-to-date, General Fund revenues totaled nearly $6.6 billion, which is about $303 million above the December forecast and 9.6% higher than the same period in the previous fiscal year.
You can connect to the full October revenue report by clicking here.