State revenue beats projections again

Indiana’s revenue collections for March once again outpaced the most recent estimate. The Indiana State Budget Agency said Thursday that General Fund revenues last month totaled $1.5 billion, which was 4.6% above the December 2022 forecast and 2.5% higher than the same month last year.

The agency said better-than-expected collections from sales tax, individual income tax, corporate tax, and interest revenues were the primary drivers of March’s performance.

Sales tax collections totaled $787 million last month, nearly $25 million higher than projections. Corporate taxes totaled nearly $80 million, which was almost 61% higher than the monthly estimate.

Additionally, riverboat wagering collections exceeded projections, while racino wagering collections fell below estimates.

Year-to-date, General Fund revenues totaled $14.3 billion, which is $280 million above the December forecast and 4.9% higher than the same period in the previous fiscal year.

You can connect to the full March 2023 revenue report by clicking here.