IN CASE YOU MISSED IT

State Revenues Again Outpace Projections In September

Alex Brown
October 13, 2025
https://www.insideindianabusiness.com/articles/state-revenues-again-outpace-projections-in-september

For the fifth consecutive month, Indiana revenue collections exceeded the most recent estimates in September. The Indiana State Budget Agency reports that General Fund revenues last month totaled $2.3 billion, which was $107 million higher than the April 2025 forecast, or 4.9%.

September’s collections were also 15.6% higher than the same month in 2024.

The agency noted that higher-than-expected collections from sales tax, individual income tax, and insurance revenues were the primary drivers of the September report.

Corporate tax collections also beat estimates last month, totaling $205 million. However, cigarette tax collections and interest revenue collections both fell short of projections.

“Our state’s monthly revenue report once again exceeds expectations—proof that the strong, pro-growth foundation built under President Trump continues to fuel our economy,” Indiana Gov. Mike Braun said in a news release. “We’ll keep building on that momentum to deliver results for Hoosiers through fiscal responsibility and conservative leadership.”

Year-to-date, General Fund revenues have totaled just under $5.5 billion, which is $185 million above the April 2025 forecast and 10.7% higher than the same period in the last fiscal year.

You can connect to the full September 2025 revenue report by clicking here.

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During the budget session, our legislative leaders took action to prepare for challenging budget forecasts based on ongoing trade negotiations. Thanks to this prudence, we did not overextend ourselves in the interim, and our state is now predicted to enter a time of stronger economic growth.
-INGOP Team