According to a State Budget Agency report released today, state revenue came in $48 million above the March monthly target. This marks the first time in 17 months that Indiana’s monthly revenues were higher than they were one year ago.
What made the difference? Individual and corporate income collections were above target. But keep in mind that these are March figures, so the April data will be more informative after most Hoosiers have filed taxes near or on the April 15 deadline.
Based on the revised December 2009 fiscal year forecast, the state is still $64 million below forecast year-to-date. Out of the nine months reported this fiscal year, the state has seen three months of revenue above target: August, October and March.