Indiana’s new fiscal year got off to a slightly underwhelming start, continuing the streak of lackluster beginnings to its fiscal years under Governor Mike Pence.
In the four starts to a fiscal year during the Pence administration, the state’s tax collections came in less than projected each year.
It’s a slim margin this year – a little more than $7 million off the mark and less than one percent less than expected.
Individual income taxes did well in July, nearly $20 million better than projections.
But corporate income taxes fared poorly, at more than 45 percent less than expectations.
July also marked another off month for sales taxes which came in $18 million below target.
That’s 17 out of the last 19 months sales taxes failed to perform as expected.