Indiana collected 8.6% more in insurance premiums sales tax in 2019

Government
Adobestock 329938633
Adobe Stock

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Business Daily.
Community Newsmaker

Of the $20.2 billion in taxes collected by Indiana in 2019, $256.4 million came from insurance premiums sales tax, an 8.6 percent increase over the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).

Indiana collected $236.2 million in insurance premiums sales tax in 2018.

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by subcategory and how much was collected.

Indiana Tax Collections 2019 vs. 2018
Type of Tax2019 amount2018 amount
Other selective sales and gross receipts taxes$1,489,566,000$1,391,450,000
Death and gift taxes$248,000$409,000
Alcoholic beverages license$13,319,000$12,726,000
Severance taxes$1,118,000$1,074,000
General sales and gross receipts taxes$8,087,116,000$7,795,091,000
Amusements license$12,272,000$5,792,000
Selective sales and gross receipts taxes$4,492,331,000$4,324,467,000
Corporations in general license$10,234,000$8,582,000
Alcoholic beverages sales tax$52,107,000$51,578,000
Hunting and fishing license$17,990,000$19,495,000
Amusements sales tax$590,755,000$602,410,000
Motor vehicle license$348,289,000$321,055,000
Insurance premiums sales tax$256,432,000$236,175,000
Motor vehicle operators license$254,667,000$252,033,000
Motor fuels sales tax$1,474,857,000$1,420,135,000
Occupation and business license, NEC$34,442,000$51,828,000
Pari-mutuels sales tax$227,000$1,760,000
Other license taxes$76,725,000$77,603,000
Public utilities sales tax$223,409,000$202,149,000
Individual income taxes$6,056,960,000$5,816,072,000
Tobacco products sales tax$404,978,000$418,810,000
Corporations net income taxes$752,352,000$698,725,000
Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Business Daily.
Community Newsmaker

MORE NEWS