tax revenue

Indiana has collected more in taxes so far this new fiscal year than budget writers planned for.

The Indiana Statehouse (Brandon Smith/IPB News)
Brandon Smith

Indiana revenues are on target with three months left before the state closes its books on the 2019 fiscal year.

The state collected about $14 million more in taxes in March than the budget plan projected. That puts Indiana roughly where it wants to be for the entire fiscal year – about 0.5 percent ahead of its target.

Through nine months of the current fiscal period, Indiana tax collections have only met the budget plan’s expectations three times. (Lauren Chapman/IPB News)
Brandon Smith

Indiana tax collections fell further behind the state’s budget plan last month.

Through nine months of the current fiscal period, Indiana tax collections have only met the budget plan’s expectations three times. That’s after failing to do so in March – about $48 million off the mark.

Lauren Chapman / IPB News

Indiana tax collections surpassed expectations in February for the third consecutive month – and only the third time this fiscal year.

Total tax collections were about $30 million better than expected last month. The positive month was spurred by individual income tax collections more than 30 percent better than projected. Sales taxes came in essentially right on target.

Lauren Chapman / IPB News

Indiana tax revenues surged ahead of the state’s revised, more pessimistic expectations in January. Yet seven months into the current fiscal year, total collections are still below target for the state budget approved last year by lawmakers.

Analysts delivered a new, less promising fiscal outlook in mid-December. Based on those projections, January revenues swelled, boosted by positive collections of sales and individual income taxes.

House and Senate lawmakers waited until the final day of the session’s halfway point to advance their top priority for 2018: workforce development measures.

State Leaders Shrug Off Recent Revenue Shortfalls

Dec 18, 2017

 

State leaders are shrugging off concerns about recent tax revenue shortfalls, particularly with corporate tax collections. They say the underwhelming revenues are a result of explainable outside forces.

State Tax Revenues Continue Slump In November

Dec 11, 2017

 

Indiana tax revenues continued their slump last month as the state nears the halfway point of its current fiscal year.

Indiana took in $13 million less in taxes than expected in November, which puts the state nearly $150 million below target through five months of the fiscal year.

The state has yet to exceed expectations for a single month in that period.

October State Revenues Continue Downward Trend

Nov 13, 2017

Total Indiana tax revenues have lagged in each of the four months of the fiscal year that began in July. And October didn’t help, with collections missing the mark by nearly $30 million.

That’s despite sales and individual income taxes which exceeded expectations for the first time this fiscal year – though just barely. And despite that positive month, collections for those two tax categories remain less than expected overall.

Indiana tax revenues fell further behind expectations as the state finished the first quarter of its fiscal year.

The first two months of the fiscal year put the state more than $40 million below expectations. September made it more than twice as bad.

Total tax collections last month were more than $66 million less than projected, which puts the state $107 million off the mark for the fiscal year.

Sales, corporate, and individual income taxes all missed their targets in September. Corporate and sales taxes haven’t yet met expectations at any point this fiscal year.

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