Indiana’s tax collections failed to meet expectations in April for the first time in months. And that puts the state below target with just two months left in the fiscal year.
Coming into April, Indiana’s tax revenues were performing well: two consecutive months of better-than-expected collections had put the state about $170 million ahead through three-quarters of the fiscal year.
But a new revenue forecast delivered last month changed that outlook. And after the state collected $78 million less in April than expected, it now heads into the final two months of the fiscal year $34 million behind projections.
Both corporate and sales tax collections remain above expectations this fiscal year. But individual income tax revenues are $146 million off the mark.
The state will close its books on the 2017 fiscal year after June.