State Revenues Continue Higher in September
INDIANAPOLIS - Indiana revenue in September exceeded projections by nearly six percent, coming in at $1.7 billion. The Indiana State Budget Agency reports General Revenue funds last month were 5.6 percent above projections in April and 6.3 percent higher than September 2018 revenue.
"Overall, higher than expected collections from sales and use, individual income
and corporate taxes and other revenues such as insurance and interest revenues
combined to drive General Fund revenues above current-year estimates and
prior year actuals both on a monthly and fiscal year-to-date basis,” said the agency.
The state budget agency says the monthly revenue estimates do not include the estimated impact of legislative actions taken by the General Assembly in the 2019 legislative session.
Sales tax revenue totaled $710.6 million for September, five percent above the monthly estimate and eight percent higher than a year ago.
“While it is early to identify the specific impact of the state enforcement of the recent changes in the taxation of remote sales on the fiscal year-to-date tax collections, tax payments from remote sellers are included in the current year-to date collections,” commented the ISBA.
Riverboat wagering collections totaled nearly $21 million for September, nearly twelve percent above the monthly estimate and four percent above last year’s numbers.
Revenue from racino wagering reached $9.3 million for September, 14 percent ahead of the April forecast and 2.6 percent higher than September 2018 levels.
Year to date revenues General Fund collections totaled $3.9 billion, 4.0 percent higher than the revised April 2019 revised revenue forecast.
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