September 8, 2017

State Tax Revenues Continue To Struggle In New Fiscal Year

Original story from   IPBS-RJC

Article origination IPBS-RJC
The Indiana Statehouse. - Lauren Chapman/IPB News

The Indiana Statehouse.

Lauren Chapman/IPB News

Indiana continues to struggle in its new fiscal year as revenues came in below expectations in August.

Total state tax collections came in about $18 million off the mark in August. That puts the state more than $40 million behind projections this fiscal year.

Sales and corporate tax revenues continue to struggle. Corporate taxes in particular suffered last month, $31 million less than expected, which is about 700 percent below target.

Individual income tax collections did rebound in August after an underwhelming start to the year – $14 million more collected than expected.

Yet through two months of the fiscal calendar, individual income taxes remain below projections, as do sales and corporate collections.

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