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Indiana tax revenue tops expectations again in August
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Indiana tax revenue tops expectations again in August

Indiana Statehouse

The Indiana Statehouse is located in Indianapolis.

The Hoosier spending spree continues.

Data released Friday by the State Budget Agency shows Indiana in August collected $103 million — or 8.1% — more tax revenue than officials anticipated in April when they crafted the two-year state revenue forecast.

Records show the majority of the extra revenue came from the 7% sales tax paid by Hoosiers when they purchased products last month at Indiana-based stores and online retailers.

Altogether, Hoosiers paid $805.5 million in sales taxes in August. That was $50.1 million, or 6.6%, above the monthly revenue target.

Individual income tax payments also bested expectations in August after coming in merely at the predicted amount in July.

Last month's state revenue report shows Indiana collected $503.3 million in personal income taxes. That was $27.8 million, or 5.8%, more than anticipated.

The State Budget Agency urged Hoosiers to keep an eye on the September income tax number, due to be released in early October, to see if August was an unusual blip, or if more Hoosiers are working, incomes are growing, and greater tax revenue is correspondingly being generated for the state.

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Records show Indiana businesses also are benefiting from Hoosiers' extra spending and earnings.

According to the State Budget Agency, Indiana's corporate income tax revenue in July totaled $11.9 million. That was $21.3 million, or a whopping 227.1%, more than the $9.4 million in corporate income tax refunds the state's revenue forecast expected would be paid out last month.

In all, the state collected $1.38 billion in general fund tax revenue in August, giving Indiana $168.2 million, or 6.6%, more money than forecast through the first two months of the state's budget year, records show.

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