There's no doubt about it — Indiana's economy is on a roll.
Data released Friday by the State Budget Agency show Indiana collected a total of $1.37 billion in tax revenue during October.
That was $136.7 million, or 11.1%, more than anticipated by the April 15 state revenue forecast.
It's also the seventh month in a row with state revenue outpacing predictions, and the second consecutive month where the forecast was beat by a double-digit percentage (15.8% in September).
Records show individual income tax payments led the major tax categories in topping expectations by bringing in $465.6 million, or $47.9 million (11.5%) above the monthly estimate.
Meanwhile, the $794.2 million in September sales tax receipts were $50.6 million (6.8%) more than predicted.
Corporate income tax revenue totaling $35 million, riverboat wagering taxes of $26.7 million, and other collections ($39.4 million) also beat the forecast, adding another $101.1 million to the state's bottom line for October.
In fact, Indiana's total tax revenue is running $564.8 million, or 10.4%, ahead of the target for the July-October period that comprises the first third of the state's 2022 budget year, records show.
The State Budget Agency did not attribute the unexpected revenue growth to any single cause. Rather, it said a combination of COVID-19 pandemic recovery, direct federal aid to Hoosiers, and improved sales tax collections from online sellers likely all contributed.
At the same time, the expiration of some federal pandemic relief programs may be slowing Indiana's economic boom, since state revenue came in at $1.2 billion over forecast during the previous four-month period between March and June.
Hoosiers are due to get a portion of those excess funds repaid to them next year as a deduction from their tax liability on their 2021 income tax returns.
Some of that money also will go toward prepaying pension obligations for teachers and other government employees.
State officials have not yet said how the revenue above forecast accumulated so far in the current budget year might be spent.
Several members of the Republican-controlled General Assembly have hinted adjustments to Indiana's 7% sales tax could be a subject of debate next year at the Statehouse if state revenue continues exceeding the forecast on which annual state spending is based.