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Indiana tax revenues surge again, on pace for significant surplus

By Brandon Smith

Posted November 14, 2022

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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.

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.

Want to contact your legislators about an issue that matters to you? Find out how to contact your senators and member of Congress here.

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Indiana tax revenues surge again, on pace for significant surplus

By Brandon Smith

Posted November 14, 2022

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Indiana Public Media News

Indiana tax revenues surge again, on pace for significant surplus

By Brandon Smith

Posted November 14, 2022

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