November 14, 2022

Indiana tax revenues surge again in October, on pace for significant surplus

Listen at IPB News

Article origination IPB News
Indiana is now more than 12 percent ahead of its state budget plan. That’s better than its revenue picture in October of 2021 – and the state finished its last fiscal year with $3 billion more than it needed. - Lauren Chapman/IPB News

Indiana is now more than 12 percent ahead of its state budget plan. That’s better than its revenue picture in October of 2021 – and the state finished its last fiscal year with $3 billion more than it needed.

Lauren Chapman/IPB News

Indiana tax collections are already more than $700 million ahead of what the state budget needs, just four months into the fiscal year.

September was the first time in more than a year that Indiana revenues failed to meet expectations. But that was mostly because of a delay in processing some income taxes – shifting that money from September to October.

And that means October’s collections were significantly better, about $184 million more than revenue forecast predictions.

READ MORE: Holcomb has no plans to expand inflation relief proposal despite $6 billion in budget reserves

 

 

Join the conversation and sign up for the Indiana Two-Way. Text "Indiana" to 73224. Your comments and questions in response to our weekly text help us find the answers you need on statewide issues.

Through four months of the fiscal year, Indiana is now more than 12 percent ahead of its state budget plan. That’s better than its revenue picture last October – and the state finished its last fiscal year with $3 billion more than it needed.

What does that mean for Hoosiers? It potentially gives state lawmakers a lot of one-time money to spend during their upcoming budget-writing session.

 

 

Contact reporter Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.

Copyright 2022 IPB News. To see more, visit IPB News.

 

Support independent journalism today. You rely on WFYI to stay informed, and we depend on you to make our work possible. Donate to power our nonprofit reporting today. Give now.

 

Related News

What is Indiana's role in tackling climate change? Governor candidates share their thoughts
All three candidates for governor want change in Indiana's economic development strategy
McCormick expands plans to advance reproductive rights as governor