State revenue continues to beat estimates

Indiana’s revenue collections for January once again outpaced projections. The Indiana State Budget Agency said Friday that General Fund revenues last month totaled $1.9 billion, which was 3.9% above the December 2022 forecast and 4% higher than the same month last year.

The agency said better-than-expected collections from sales tax, individual income tax, interest, insurance, and miscellaneous revenues outweighed lower-than-expected collections from corporate taxes.

Sales tax collections totaled just over $1 billion last month, nearly $20 million higher than projections. Meanwhile, corporate taxes totaled $19.5 million, which was nearly 40% below the monthly estimate.

Additionally, racino wagering and riverboat wagering collections both exceeded projections.

Year-to-date, General Fund revenues totaled $11.6 billion, which is $91.2 million above the December forecast and 4.9% higher than the same period in the previous fiscal year.

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