NewsPublic Affairs / August 9, 2016

Indiana's Fiscal Year Off To Lackluster Start

Individual income tax revenue was better than expected, but corporate income tax and sales tax revenues were below projections in July.taxes, Indiana, sales tax, tax revenue, individual income tax, corporate income tax2016-08-09T00:00:00-04:00

INDIANAPOLIS -- Indiana’s new fiscal year got off to a slightly underwhelming start. 

The state is on a streak of lackluster beginnings to its fiscal years under Gov. Mike Pence. At the start of each fiscal year during the Pence administration, the state’s tax collections came in less than projected. This year, it’s a slim margin – a little more than $7 million off the mark, less than one percent lower than expected.

Individual income taxes did well in July, nearly $20 million better than projections. But, corporate income taxes fared poorly, more than 45 percent less than expectations. July also marked another off month for sales taxes, which came in $18 million below target. That’s 17 out of the last 19 months that sales taxes failed to perform as expected.

 

 

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