State Income Tax Collections Boost May Revenues

Jun 9, 2015

Credit Wikimedia Commons

Indiana is heading into the final month of its fiscal year with tax collections ahead of projections.

The state spent much of this fiscal year behind the proverbial eight-ball as tax revenues came in below projections seven out of the first nine months. 

But a new revenue forecast released in April significantly dampened expectations and collections that month surged, helping the state climb out of the financial hole. 

Though not as robust as April’s numbers, May revenues cleared predicted levels by about $20 million, boosted by the second consecutive month of strong individual income tax collections. 

With the fiscal year wrapping up this month, Indiana now sits more than $200 million ahead of projections, with individual and corporate income tax figures exceeding expectations. 

Only sales tax numbers have stalled, about $13 million less than predicted on the year.