(Indianapolis, IN) - Incoming revenue for the State of Indiana is doing better than expected. According to the Indiana State Budget Agency, $1.2 billion in tax revenue was collected last month, or about 10-percent higher than the amount of taxes received in November of 2019.
ISBA officials said sales tax and corporation tax collections were above projections. On the other hand, revenue from income tax and riverboat wagering collections fell short of previous estimates. The better than expected collections seemed to boost the state’s projected budget surplus, which has taken a hit because of COVID-19.
State Representative Jim Pressel of Rolling Prairie said the surplus once above $2 billion is now a projected $700 million based on the latest calculations because of coronavirus expenses. However, Pressel said the surplus could climb to $1 billion before the Indiana Legislature meeting at the first of the year.
Among the tasks of the legislature will be formulating a new two-year state budget.