Holiday shoppers boost Indiana sales tax revenue

2013-01-07T17:00:00Z 2013-01-07T21:04:14Z Holiday shoppers boost Indiana sales tax revenueDan Carden, (317) 637-9078
January 07, 2013 5:00 pm  • 

INDIANAPOLIS | Hoosiers hitting the shopping malls last month helped propel Indiana's sales tax revenue to its best year-over-year monthly percentage growth since June.

Sales taxes, the state's largest revenue source, brought in $548.6 million in December. That's $19.6 million, or 3.7 percent, more than December 2011.

For the 2013 budget year, which began July 1, sales tax revenue is 2.5 percent ahead of the prior budget year and on target with the state's revenue forecast.

At the same time, personal ($42.3 million) and corporate ($58.1 million) income tax revenues are both running well ahead of the revenue forecast through the first six months of the budget year.

Overall, Indiana revenue totaled $1.2 billion last month, which was $22.4 million more than expected by the revenue forecast and 2.1 percent more than December 2011. 

Between July and December, state revenue was $70 million ahead of the revenue forecast and 3.1 percent greater than the same period a year before.

However, gaming revenue continues to struggle. Taxes on bets placed at riverboat casinos brought in only $35.2 million in December, $2.6 million below forecast and a 14.2 percent drop compared with December 2011.

State lawmakers, who convened for their 2013 session Monday, are expected to consider proposals to improve the competitiveness of Indiana's casinos.

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