Indiana revenue fell short of the most recent projections in October. The Indiana State Budget Agency says General Fund revenues totaled more than $1.1 billion last month, 0.6% lower than the December revenue forecast but 0.7% higher than the same month last year.
“Overall, the period of July 2020 to October 2020 may have been influenced by unusual factors including the phased reopening of the economy in June as well as recent federal policy actions on assistance programs, economic impact payments, interest rates and more,” the agency said.
Sales tax collections and corporate tax collections were both above the December forecast, while individual income tax collections, riverboat wagering collections and racino wagering collections all fell short of estimates.
The agency says “with the reopening of casinos in June and recent legislative changes impacting Indiana gaming activity, wagering tax collections will be better interpreted in the coming months relative to the full fiscal year outlook.”
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