Indiana's Revenue Exceeds Expectations in February 2025

In February 2025, Indiana's General Fund revenues totaled $1,307.5 million, exceeding the state's December 2024 revenue forecast by $94.3 million (7.8%) and marking an increase of $198.2 million (17.9%) compared to February 2024.

Sales tax collections reached $794.5 million, slightly below projections by $18.1 million (2.2%), but still reflecting a 1.9% growth compared to last year. Individual income tax revenues were significantly above expectations at $386.7 million, surpassing projections by $96.8 million (33.4%) and increasing by $185.5 million (92.2%) compared to February 2024. This growth was largely driven by increased tax withholdings.

Corporate tax collections came in marginally negative at -$0.2 million but exceeded the forecast by $21.0 million (99.3%) and were up $15.0 million (99.0%) year-over-year. Riverboat wagering tax revenues totaled $31.3 million, $2.3 million (7.9%) above the forecast and $2.7 million (9.3%) higher than February 2024.

Overall, February's revenue performance indicates robust economic conditions in Indiana.

Read the full February 2025 Revenue Report here.