State revenue again beats estimates

INDIANAPOLIS (Inside INdiana Business) — Indiana once again beat the most recent revenue projections in April. The Indiana State Budget Agency says General Fund revenues last month totaled more than $3.3 billion, which was 17.5% higher than the December 2021 forecast and nearly 50% higher than the same month last year.

The agency says the increased revenue was driven largely by better-than-expected collections from individual income taxes, which offset sales tax and corporate tax collections, which were both below expectations for April.

Year-to-date, General Fund revenues are more than $865 million above the December 2021 forecast and 12.3% higher than the amount collected through the same period the previous fiscal year.

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