The increases include the 10 cent-per-gallon gas tax, which goes toward a road funding plan.
Indiana’s sales tax collections have failed to meet expected levels for 21 of the last 23 months.
August tax collections came in more than $25 million less than expected – following a July return of more than $7 million below projections.
Lieutenant Governor Eric Holcomb says the state can now fulfill a promise put in place by this past legislative session’s road funding package.
Tax revenues were 4 percent below expectations in November.
Republicans are praising the state's fiscal conservatism, but Democrats say the surplus has come at the expense of much-needed programs.
During a Bloomington Chamber of Commerce luncheon Tuesday, the governor asked residents to attract business to the city, which he says is thriving economically.
Indiana ended the fiscal year with a surplus of $483 million, the governor announced Thursday.
Most new Indiana laws take effect on July 1 because the day marks the start of the state fiscal year.
The state collected $22 million more in revenue than expected in December.