State Revenue Collections Met Projections In August
Indiana tax collections in August inched just ahead of projections two months into the new fiscal year.
Indiana collected about $6 million more in taxes last month than expected, putting the Hoosier State right on par with projections for the entire year – just $300,000 better than predicted.
Both individual and corporate income tax collections performed better than expected last month while sales tax figures dipped, about $15 million off the mark.
Hoosiers are watching monthly revenue performance a little closer this fiscal year; Governor Mike Pence has said that if collections perform at or better than expectations, the state could pay off its entire federal unemployment insurance loan earlier – a move that, if done by November, could save business owners more than $300 million next year.