November 10, 2016

October Tax Collections Fail To Meet Projections

Original story from   IPBS-RJC

Article origination IPBS-RJC
Indiana collected about $18 million less than expected in taxes last month. - file photo

Indiana collected about $18 million less than expected in taxes last month.

file photo

Indiana collected about $18 million less than expected in taxes last month. That marks eight consecutive months in which the state’s collections have failed to meet expectations.

Through four months of the fiscal year, Indiana’s tax collections have yet to meet or exceed projected levels. That’s left the state with about $76 million less than expected.

Nearly every category of tax collections underperformed in October – only individual income taxes came in above target, about $8 million, or roughly 2 percent, better than expected.

Sales taxes came in a percent and a half worse than predicted in October – marking 20 out of the last 22 months that sales taxes were off the mark.

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