Indiana collected $159 million more in revenue in April than expected.
Total revenue collections last month represent an increase of more than 25% versus the same month a year ago.
Governor Daniels says a major reason for that dramatic increase is greater efficiency within the Department of Revenue. The department processed significantly more tax returns last month than it ever had before, which led in part to the higher-than-expected revenue.
Daniels says, as a result, May’s figures might be a little lower than forecast, but he’s pleased.
“Every indication we have is that, factoring for that timing issue, revenue remains at least at and probably a little ahead of the forecast. Meanwhile, spending is considerably below budgeted levels.”
Daniels says the state is on course for a healthy surplus at the end of the fiscal year in June…which could trigger a taxpayer refund as high as $60 or $70 per person.
