Indiana Revenue Rises from October
State general revenues totaled $1,085 million, $24 million (2.3 percent) above target and $4 million (0.4 percent) above collections for the same period last year.
Sales tax collections totaled $558 million for the month, $16 million above collections for the same period last year.
Individual income tax collections totaled $353 million for the month, $20 million above target but $32 million below collections for the same period last year. Payroll withholdings decreased 8.0 percent compared to the same period last year.
Year-over-year comparisons are impacted by the individual income tax timing issue (1 fewer Friday than the same month last year). More reliable year-over-year comparisons can be made by looking at September and October revenues in combination.
Through October, state general fund revenues have increased 4.0 percent, nearly double the rate needed to meet the most recent forecast. Total general fund revenues are now $75 million ahead of forecast through the first four months of the fiscal year.
Sales tax collections increased 2.9 percent over the same period last year. Fiscal year-to-date sales tax revenues have grown 2.7 percent, exceeding the growth needed to meet the overall forecast.
Individual income tax collections exceeded the October target by $20 million, but fell short of collections for the same period last year by $32 million (8.3 percent).
The year-over-year decrease in individual income tax collections is caused by a timing issue related to the number of payrolls in a given month compared to that same month in the prior year (one fewer Friday compared to prior year). As a result, payroll withholdings decreased 8.0 percent compared to the same period last year.
Viewed over two months, payroll withholdings have grown 5.2 percent compared to the same two-month period last year. Individual income tax collections have increased 6.7 percent and are now ahead of target (1.2 percent) through the first four months of the fiscal year.
Corporate income tax collections remain strong, exceeding the target by $3 million (7.4 percent). Through October, corporate income tax collections have increased 13.8% compared to the same period last year and are running $64 million ahead of target.
Through the first four months of the fiscal year, riverboat wagering taxes are essentially on target (0.4 percent) and flat with the same period last year (0.4 percent).