INDIANAPOLIS -- Last month’s state tax collections edged above projected levels as Indiana began the second half of its fiscal year.
Indiana tax revenues have come in just below expectations for most of the fiscal year. But in January, collections through seven months of the fiscal year topped projections by about $7 million.
Collections in almost all tax categories last month were near their targets – sales tax came in just above predicted levels, individual income tax and gaming taxes were just off the mark. Only corporate taxes are an outlier – the state expected very few collections because of tax refunds, but ended up taking in about $24 million more than expected -- which is more than 1,200 percent above target.