INDIANAPOLIS -- Indiana tax collections in August inched just ahead of projections two months into the new fiscal year.
Indiana collected about $6 million more in taxes last month than expected, putting the Hoosier State right on par with projections for the entire year – just $300,000 better than predicted.
Both individual and corporate income tax collections performed better than expected last month, while sales tax figures were off the mark by about $15 million.
Hoosier business owners are watching monthly revenue performance a little closer this fiscal year. Gov. Mike Pence has said that if collections perform at or better than expectations, the state could pay off its entire federal unemployment insurance loan early. If done by November, that could save business owners more than $300 million next year.