April state revenue tops prior year's total

2013-05-02T19:00:00Z 2013-05-02T19:05:07Z April state revenue tops prior year's totalBy Dan Carden dan.carden@nwi.com, (317) 637-9078 nwitimes.com

INDIANAPOLIS | State revenue rebounded last month following a disappointing February and March that saw Indiana's tax receipts dip below 2012 levels.

Indiana took in $1.93 billion in April. That's $71.3 million more than projected by the state's revenue forecast and 4.4 percent more than last April.

Personal income tax payments, as usual following the April 15 filing deadline, led all revenue categories with $967.7 million, or 11 percent more than last year and $89.5 million above forecast.

Sales tax revenue was $2.7 million below target totaling $588.1 million. Nevertheless, it beat April 2012 by 0.3 percent and is running 2.3 percent ahead of 2012 through 10 months of the state's 2013 budget year.

On the other hand, corporate income taxes paid last month were $199.8 million. That's a 5.4 percent dip compared with April 2012. For the budget year, corporate income tax revenue is $3.2 million below forecast.

Revenue from taxes on bets placed at Indiana's riverboat casinos beat projections in April by $2.4 million. However, wagering tax revenue is down 6.6 percent compared to last year.

The April revenue total ends a two-month streak of 2013 monthly state revenue coming in below the collections for the same month in 2012.

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