June 10, 2016

State's Revenue Below Expectations In May

Indiana's tax revenue fell short of expectation in May. - stock photo

Indiana's tax revenue fell short of expectation in May.

stock photo

INDIANAPOLIS -- Indiana heads into the final month of its fiscal year not quite on target for tax revenue collections after a below-expectations performance in May.

Indiana is riding a poor streak heading into the last month of the current fiscal year: the state’s tax collections fell short of the mark three months in a row.  Revenues were 11 million dollars less in May than projected, dragged down primarily by sales and corporate tax collections.  That brings total revenues through 11 months of the fiscal year nearly 14 million dollars below predicted levels…though that’s only about one-tenth of a percent off the mark.  Individual and corporate income taxes are performing well this fiscal year – about 20 million and 35 million dollars above projections, respectively.  Only sales taxes are suffering, 104 million dollars below target.  The state will close the books on the fiscal year next month.

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