Indiana beat its monthly revenue target in October, marking the third time in the first four months of the budget year state revenue has exceeded expectations.
Last month Indiana took in $1.085 billion. That's $24.2 million more than predicted by the state revenue forecast and 0.4 percent revenue growth compared to last October.
Sales taxes, the state's largest revenue source, totaled $557.7 million in October, which was $2.1 million below expectations. Between July and October, sales tax revenue was $14.1 million below the $2.282 billion in expected revenue.
State Budget Director Adam Horst said sales tax revenue is basically on target for the current budget year and has grown 2.7 percent compared to the same four-month period last year.
Individual income tax revenue was $352.6 million in October, or $20.4 million above expectations. Overall, individual income tax revenue is up 6.7 percent compared to last year.
Corporate income tax revenue between July and October outperformed the prior year by 13.8 percent. In October, corporate income tax revenue totaled $43.3 million, which was $3 million above the revenue target and nearly twice as much as last October.
Taxes on bets placed at riverboat casinos brought in $32.9 million in October. That was $300,000 more than predicted by the revenue forecast. However, overall riverboat wagering tax revenue is basically flat compared to last year.
Indiana remains on pace to end the budget year in June 2013 with a surplus due in part to 4 percent overall revenue growth compared to the prior year.
