Indiana’s tax collections came in below target last month, dipping after a strong September. Yet the state is still on track for the overall fiscal year.
Indiana tax revenues came in $51 million less in October than the state’s budget plan projected.
That’s largely due to individual income taxes, which were the only tax stream that underperformed last month. State budget analysis says individual income taxes often fluctuate. And while those tax revenues have gone up-and-down through the first four months of the fiscal year, they’re essentially on-target with projections overall.
Corporate income taxes did better than expected for the second consecutive month. That’s after the state’s revenue from corporations had missed the mark 13 out of 15 months prior to September.
And through four months of the fiscal year, Indiana tax revenues are just ahead of the state budget plan – about $34 million more than projected.