INDIANAPOLIS — Tax collections are nearly exactly what Indiana budget officials predicted when crafting the state's two-year spending plan last spring.

Since July, Hoosiers have paid $8.35 billion in sales, income, corporate, casino, cigarette and various other taxes, according to data released Friday by the State Budget Agency.

The revenue forecast anticipated just $4.2 million less — practically a rounding error compared to the total.

January tax collections of $1.44 billion kept the state on track financially, coming in $23.9 million, or 1.7 percent, above the monthly estimate.

Both sales and individual income taxes — the state's greatest revenue sources — were within 0.3 percent of their monthly targets in January.

Higher-than-expected corporate income tax collections helped offset an unanticipated dip in wagering taxes at the state's 11 riverboat casinos and two horse track casinos.

Through seven months of Indiana's 2016 budget year, total tax collections are 0.7 percent higher than the same period in 2015 — matching the U.S. inflation rate.
© Copyright 2024, nwitimes.com, Munster, IN