September 9, 2016

Indiana's August Tax Revenue Short Of Expectations

stock photo

stock photo

INDIANAPOLIS -- Indiana’s fiscal year is off to a slow start, with its first two months coming in below expectations.

August tax collections came in more than $25 million less than expected – following a July return of more than $7 million below projections. That leaves the state already 1.5 percent off the mark through the first two months of the new fiscal year.

Corporate taxes fared well in August, more than 40 percent better than expected. But individual income taxes scuffled after a strong July, and sales taxes performed poorly again -- more than $20 million off the mark. That marks 18 of the last 20 months that sales tax collections have failed to meet expectations.

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