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General News

Indiana's tax revenue collections continue surge, months into new fiscal year

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Tax revenue collections that continually outperform expectations have lawmakers contemplating tax cuts in the 2022 legislative session. (Brandon Smith/IPB News)

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More than a quarter into the new fiscal year, Indiana’s tax revenues continue to dramatically exceed expectations.

The state is already more than half a billion dollars ahead of its budget plan.

Indiana collected $137 million more in October than budget projections expected. Combined with higher-than-anticipated collections in July, August and September as well, that puts revenues more than 10 percent ahead of the new state budget plan.

Every major tax category is outperforming expectations – particularly corporate taxes, 64 percent better than predicted this fiscal year.

And this run of positive revenue collection isn’t new. Over the last 16 months – dating back to the earliest days of the pandemic – Indiana has failed to meet budget expectations just once.

All of that has lawmakers considering tax cuts in the upcoming session, though in what form those cuts might come is far from decided.

Contact reporter Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.
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