The monthly revenue report for May 2021 state tax collections has been released. 
Note to readers: The monthly revenue estimates are based on the April 15, 2021 revenue forecast which considers revenue developments and the economic outlook presented on that date. This includes previously discussed changes in tax deadlines, payment timing, as well as assumptions related to federal and state policy actions leading up to the release of the forecast. Information on the latest forecast is available at https://www.in.gov/sba/2837.htm
Fiscal Year 2021 begins on July 1, 2020 and ends June 30, 2021. Results  General Fund revenues for May totaled $1,878.3 million, which is $518.8 million (38.2%) above estimate based on the April 15, 2021 revenue forecast and $926.0 million (97.2%) above revenue in May 2020.
Notably, monthly collections from sales tax, individual income tax, corporate adjusted gross income tax, and gaming taxes came in above monthly estimates and are trending at multi-year highs. 
Year-over-year comparisons are particularly impacted by the different economic developments and federal policy actions associated with the onset of the pandemic since 2020 as well as the different tax payment schedules in FY 2020 and FY 2021 relative to the alignment of Indiana's tax filing and payment due dates with the federal deferral.
 Overall, monthly fluctuations and differences relative to estimates from July 2020 to May 2021 are most likely influenced by unusual factors including the changing restrictions related to the pandemic, vaccine development and distribution, and recent federal policy actions on assistance programs, economic impact payments, interest rates, and more.  Sales tax collections totaled $812.3 million for May, which is $119.0 million (17.2%) above the monthly estimate and $228.8 million (39.2%) above revenue in May 2020.
To read the revenue report in its entirety visit www.in.gov/sba.
Source: Alec Gray 


 
 were $117.0 million above the monthly estimate and $221.1 million above prior year actuals. The May performance, which mostly reflects April economic activity, is State Budget Agency Page 2 June 4, 2021 trending at multi-year highs and shows continued momentum in growth relative to prior year actuals (38.7%) as May 2020 collections saw a particularly negative impact from the onset of the pandemic. Fiscal year-to-date collections are 13.5 per