Indiana Starts Fiscal '16 With Two Down Months
Indiana’s fiscal year is off to a slow start, with its first two months coming in below expectations.
August tax collections came in more than $25 million less than expected – following a July return of more than $7 million below projections.
That leaves the state already 1.5-percent off the mark through the first two months of the new fiscal year.
Corporate taxes fared well in August, more than 40-percent better than expected.
But individual income taxes scuffled after a strong July and sales taxes performed poorly again, more than $20 million off the mark.
That marks 18 of the last 20 months that sales tax collections have failed to meet expectations.