State revenue exceeds projections

(Photo Supplied/Indiana News Service)

INDIANAPOLIS (Inside INdiana Business): Indiana revenue beat the most recent projections for the month of March. The Indiana State Budget Agency says General Fund revenues totaled nearly $1.2 billion last month, which was 2.6% higher than the December 2020 revenue forecast and nearly 6% higher than the same month last year.

The agency says the results were driven by sales tax collections and corporate tax collections, which were higher than the December forecast. Individual income tax collections, riverboat wagering collections, and racino wagering collections all fell short of estimates.

“As more individual income tax returns and refunds than usual were processed in March, mostly due to the later opening of tax season by the federal government

in February 2021 compared to late January in 2020, individual income tax collections came in below the monthly estimate largely due to higher-than-expected refunds,” the agency said.

Year-to-date, General Fund revenues are nearly $430 million above the December 2020 forecast, and nearly 26% higher than the amount collected during the same time period in the previous fiscal year.

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