State Tax Revenues Continue Slump In November

Indiana tax revenues continued their slump last month as the state nears the halfway point of its current fiscal year.

Indiana took in $13 million less in taxes than expected in November, which puts the state nearly $150 million below target through five months of the fiscal year.

The state has yet to exceed expectations for a single month in that period.

That’s despite a second consecutive month of positive performances from both sales and individual income taxes. November’s collections put total sales taxes above expected levels for the first time this fiscal year.

It’s corporate income taxes that continue to drag down Indiana’s numbers. After another month of below predicted performance – the fifth straight month that’s happened – corporate tax collections are now about $158 million off the mark.