December 4, 2015

Indiana's Tax Collections Rebounded In November

file photo

file photo

INDIANAPOLIS -- Indiana tax collections rebounded last month from a subpar October, exceeding expectations by more than $20 million. 

Indiana brought in about $21 million more than predicted in November, roughly 2 percent above target.  Revenues were boosted by strong individual income tax collections, nearly $30 million better than projected. 

While that helped to buoy overall tax collections through five months of the fiscal year, it still leaves the state $40 million off the mark in fiscal year 2016.  Sales and corporate income tax revenues combined to fall more than $150 million short of projections so far – the corporate tax alone coming in nearly 19 percent off the mark.  The state will receive a new revenue forecast later this month.

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