Indiana collected about $4.3 million more than expected in taxes last month. The state has still brought in far fewer dollars than projected through the first five months of the fiscal year.
November marks the first time this fiscal Indiana’s tax collections have met or exceeded projected levels. But despite November’s gains, the state’s collections are still off by $71 million for the year. And the state brought in $56 million fewer this November than it did a year ago—essentially erasing October’s year-over-year growth.
Corporate tax collections took a wallop in November, with the state collecting nearly a quarter less than in the same period last year. All told, with almost half the fiscal year gone, the state has only collected a little more than a third the revenue it collected last fiscal year.