NEW DELHI: Indiana beat its November revenue target by $21.3 million, or 2.1 percent, as Hoosiers last month earned more money than state officials expected but spent less of it. The $1.055 billion in total monthly tax collections also outpaced last November by $30 million, or 2.9 percent.
That helped push state revenue in the current budget year, which began July 1, to $17.9 million, or 0.3 percent, ahead of revenue taken in during the same five-month period last year. In November, the state’s largest revenue source — its 7 percent sales tax — produced $592.8 million.
That was $6.9 million, or 1.1 percent, less than expected by the revenue forecast used to craft the state’s budget, but $9.9 million, or 1.7 percent, more than last November. The sales tax shortfall was made up by the $404.9 million in individual income tax revenue beating expectations by $29.8 million, or 7.9 percent. That also was $18.4 million, or 4.8 percent, better than last year.
An unexpected bright spot in November’s revenue report was casino wagering taxes modestly topping both the monthly target and November 2014 collections, following repeated monthly and year-over-year declines. The $75.3 million in casino wagering taxes collected so far this budget year now is just $1.1 million, or 1.4 percent, less than the same period last year.
