state revenue

Indiana Tax Revenue Lower Than Expected

Aug 10, 2015
KEITH COOPER / FLICKR

Indiana is beginning its fiscal year with tax collections that failed to meet expectations by a narrow margin. That’s not good news for business owners hoping the state will help them avoid a major tax penalty next year.

Indiana revenues came in just six million dollars off the mark in July, less than one percent off target. Individual income tax revenues performed better than expected, while sales tax collections came in slightly below target.

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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.