State revenue increases in August

Photo Supplied / Indiana Statehouse

INDIANAPOLIS (Inside INdiana Business): Indiana revenue exceeded the most recent projections in August. The Indiana State Budget Agency says General Fund revenues totaled more than $1.3 billion last month, nearly 10% higher than the December revenue forecast and more than 22% higher than the same month last year.

“Notably, an estimated $106 million of individual income tax payments, attributable to recent federal policy actions on unemployment insurance benefits not assumed in the December 2019 Forecast, were collected in August,” the agency said. “About $80 million of those payments were due before August – $50 million of which was estimated to be due in FY 2020.”

Individual income tax collections, sales tax collections, and corporate tax collections were each above the December forecast. Meanwhile, riverboat wagering collections and racing wagering collections remained below the monthly estimate in August as casinos continue to recover from the shutdown from the COVID-19 pandemic.

You can connect to the monthly revenue report by clicking here.

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