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Indiana tax revenues surge again in October, on pace for significant surplus

The east exterior of the Indiana Statehouse, seen from street level. There are cars driving by in the foreground. The sky above is bright blue, with fluffy white clouds. There are green trees flanking the Statehouse on either side.
Lauren Chapman
/
IPB News
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.

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.

READ MORE: Holcomb has no plans to expand inflation relief proposal despite $6 billion in budget reserves

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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.

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Brandon Smith has covered the Statehouse for Indiana Public Broadcasting for more than a decade, spanning three governors and a dozen legislative sessions. He's also the host of Indiana Week in Review, a weekly political and policy discussion program seen and heard across the state. He previously worked at KBIA in Columbia, Missouri and WSPY in Plano, Illinois. His first job in radio was in another state capitol - Jefferson City, Missouri - as a reporter for three stations around the Show-Me State.