The monthly revenue report of
January 2014 state tax collections was released today.
Results
• State general
fund revenues for January were $1,333.2 million, which is $38.3 million (2.8%)
below target based on the December 20, 2013 forecast. For the first seven
months of FY 2014, total general fund revenues were $8,062.1 million.
• Sales tax
collections were $645.6 million for January, which is $15.5 million (2.3%) below
target for the month.
• Individual income
tax collections totaled $591.3 million for the month, which is $13.2 million
(2.2%) below target for the month. For the first seven months of the fiscal year,
individual income tax collections have missed the estimated target by $52.5 million,
or 1.8%.
• Corporate income
tax collections were $2.4 million below target for January, but are $12.2
million (2.7%) above target year to date.
• Gaming revenues
missed the monthly target by $3 million and are $8 million below estimates for
the first seven months of FY 2014.
Commentary
Through the first seven months of
FY 2014, state general fund revenues were $8,062.1 million, which is $35.5
million (0.4%) below target based on the most recent revenue forecast updated
on December 20, 2013.
Compared to FY 2013, state general
fund revenues are $65.9 (0.8%) below collections for the first seven months of
the fiscal year, largely driven by declines in corporate, gaming, and
inheritance tax revenue.
Sales tax revenues were $4.0
million more than collections from January 2013. Year over year, sales tax
collections have grown by 2.0%, or $75.4 million. Not included in the $75.4 million
sales tax growth for the general fund is more than $41.2 million in sales tax
revenue that has been diverted to the Motor Vehicle Highway fund this fiscal
year.
Individual income tax revenues for
FY 2014 are $5.6 million less than collections in FY 2013. Estimated payments
received for January 2014 were 15% lower than estimated payments received in
January 2013. The number of taxpayers filing an Estimated Tax Payment Form
(ES-40) in January was also nearly 8,400 lower in FY 2014 than in FY 2013. This
year-over-year reduction in estimated payments in January 2014 is likely due to
taxpayers “accelerating income” from 2013 to December 2012 to avoid 2013
federal tax increases.
http://www.in.gov/sba/files/revreport_january2014_commentary.pdf
