State Revenue Beats Forecasts Again – WOWO 1190 AM

INDIANAPOLIS (Inside Indiana Business) – Indiana’s March earnings again beat the latest estimates. The Indiana Budget Office said Thursday that General Fund revenues totaled $1.5 billion last month, 4.6% higher than the December 2022 forecast and 2.5% higher than the same month last year.

The agency said better-than-expected collections from consumption tax, personal income tax, corporate tax and interest income were the main drivers of the March performance.

Sales tax collections last month totaled $787 million, nearly $25 million higher than expected. Corporate taxes totaled about $80 million, about 61% higher than the monthly estimate.

Additionally, Riverboat’s wager collection exceeded expectations, while Racino’s wager collection fell short of estimates.

Year-to-date General Fund revenues totaled $14.3 billion, $280 million higher than the December forecast and 4.9% higher than the same period last fiscal year.

To connect to the full earnings report for March 2023, click here.