State Revenues Exceed Expectations In Fiscal Year's First Quarter
Indiana revenues are comfortably ahead of where state budget writers wanted them to be a quarter of the way through the fiscal year.
September revenues outperformed projections in every major tax category. That includes corporate income taxes, which were more than expected for the eighth consecutive month.
State Budget Agency analysts say greater-than-expected sales tax revenues include payments from online sales tax, which many retailers are now paying for the first time. Still, those analysts say it’s too early to fully identify the impact the new online sales tax collections will have.
Total Indiana revenues are $115 million ahead of the new state budget plan through three months of the new fiscal year.