Hoosiers on pace for second automatic taxpayer refund

2012-10-05T12:15:00Z 2012-10-05T18:43:11Z Hoosiers on pace for second automatic taxpayer refundBy Dan Carden dan.carden@nwi.com, (317) 637-9078 nwitimes.com
October 05, 2012 12:15 pm  • 

INDIANAPOLIS | Indiana ended the first quarter of its budget year Sunday with more revenue than expected and is on track for another annual surplus, state budget officials announced Friday.

Between July and September, Indiana took in $3.485 billion in tax and other revenue, a 5.2 percent increase over the same three-month period last year, and $73 million above the revenue forecast.

Republican Gov. Mitch Daniels said if revenue continues at that pace and pushes state reserves beyond the required threshold, Hoosiers are likely to receive a second automatic taxpayer refund. 

Income taxpayers are already set to share in a $360 million refund next year.

For September, state revenue totaled $1.424 billion. That's $23 million more than forecast and a 6.7 percent increase over last September.

Sales tax revenue was $572.4 million, which is $2 million more than expected and 3.3 percent more than last year. Income taxes totaled $527.4 million, or $16.4 million less than forecast.

Corporate income taxes more than made up the difference. The $218.9 million collected last month was $42.3 million more than forecast.

Tax revenue from bets placed at riverboat casinos was $1.8 million below forecast at $28.5 million in September, but remains $100,000 above its overall revenue target through the first three months of the budget year.

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