Indiana tax revenue rebounds in March 2024

Altogether, Indiana's general fund revenue last month totaled $1.5 billion. That was $22 million, or 1.5%, more than predicted by the state's revenue forecast.

Personal income tax receipts, which contributed to a $42.3 million revenue target miss in February, were $529.5 million in March, exceeding expectations by $26.6 million, or 5.3%.

Data show the $786 million generated by the state's largest revenue source — the 7% sales tax — was nearly right on target last month, while the $41.6 million in interest earnings on Indiana's estimated $2 billion budget reserve added to the monthly surplus. 

The March revenue results close the book on the third quarter of the state's 2024 budget year, which runs from July 1, 2023, through June 30, 2024.

With three months left to go, the $14.8 billion in general fund revenue collected so far this year is $416.2 million, or 2.9%, more than predicted, leaving Indiana with a fairly comfy cushion heading into the most critical months for state tax receipts.

The money in Indiana's general fund is used to cover nearly all state expenses, including public and private education at all grade levels, public safety, health care, state parks and just about everything else state government does.