News release from the Indiana State Budget Agency:
Friday, April 8:
The monthly revenue report for March, along with commentary from State Budget Director Brian Bailey, has been posted on the State Budget Agency webpage. The report and commentary can be found here: https://www.in.gov/sba/2659.htm. Charts visualizing revenue data are located on the Management and Performance Hub under the State Tax Revenue section: https://www.in.gov/mph/.
Results
- General Fund collections for March totaled $1,039.2 million, which is $15.5 million (1.5%) less than the monthly estimate but $2.0 million (0.2%) above March 2015 revenue.
- Sales tax collections totaled $562.5 million for March, which is $1.7 million (0.3%) below the monthly estimate but $31.9 million (6.0%) above revenue in March 2015.
- Individual income tax collections totaled $287.2 million for March, which is $46.9 million (14.0%) below the monthly estimate and $46.4 million (13.9%) below revenue in March 2015.
- Corporate tax collections totaled $92.8 million for March, which is $29.2 million (45.9%) above the monthly estimate and $2.6 million (2.8%) above revenue in March 2015. The timing of corporate tax refunds is responsible for the variance.
- Riverboat wagering collections totaled $44.0 million for March, which is $5.3 million (13.7%) above the monthly estimate and $5.7 million (14.9%) above revenue in March 2015.
- Racino wagering collections totaled $12.1 million for March, which is $1.4 million (13.3%) above the monthly estimate and $1.2 million (10.6%) above revenue in March 2015.
Commentary
Year-to-date General Fund collections totaled $10,110.7 million, which is $36.5 million (0.4%) higher than estimated, and $36.1 million (0.4%) above collections for the same period last year.
Sales tax collections through nine months of fiscal year 2016 were $70.3 million (1.3%) below estimate and $11.2 million (0.2%) above collections through nine months of fiscal year 2015.
Individual income tax collections through nine months of fiscal year 2016 have grown by $49.7 million (1.5%) over the same period a year ago and were $72.8 million (2.1%) above the year-to-date estimate.
Corporate collections nine months into fiscal year 2016 were $48.8 million (9.2%) below year-to-date collections of fiscal year 2015 and $1.2 million (0.2%) below the year-to-date estimate.