INDIANAPOLIS, Ind. (WOWO):  Indiana’s October revenue collections were less than expected, specifically regarding individual income tax.  The Indiana State Budget Agency reports that General Fund revenues last month totaled almost $1.5 billion, which is an 8.4% drop from the April 2023 forecast and 11.3% lower than the same month last year. The agency pointed to lower-than-expected income tax and sales tax outweighed higher-than-expected collections from interest.

While this month did not meet expectations, the agency reported that September and August revenues were higher than their estimates. Sale tax collections in October came to $845.2 million, a 5.5% dip from the estimate while income tax came in 17.3% less than projected, totaling $496.4 million and Corporate tax collections were slightly above their estimate.