State Revenue Misses Mark For Fourth Time In Five Months
Indiana tax collections have fallen below expectations four of the first five months of the fiscal year.
November tax revenues came in about $48 million below expected levels, due primarily to individual income tax collections that underperformed by about 10-percent.
Through nearly half of the fiscal year that began in July, state revenues are about $85 million below projections, about 1.5-percent less than expected.
And while sales and corporate tax collections have exceeded expectations, individual income taxes are more than $100 million off the mark.
Yet House Ways and Means Chair Tim Brown (R-Crawfordsville) notes the state’s collected nearly $200 million more this year than it had the same time last year.
“Now last year, fiscal year, was a down year compared to the prior, so we’re growing from a little bit smaller base," Brown says. "So we’re still on target for the end of this year but I am encouraged that our year-over-year is higher.”
A new revenue forecast is due later this month.