April 7, 2017

Tax Collections Positive Through Three Quarters Of Fiscal Year

Original story from   IPBS-RJC

Article origination IPBS-RJC
Budget authors Sen. Luke Kenley (R-Noblesville), left, and Rep. Tim Brown (R-Crawfordsville), right, will receive a new revenue forecast before finalizing the budget. - Brandon Smith/IPB

Budget authors Sen. Luke Kenley (R-Noblesville), left, and Rep. Tim Brown (R-Crawfordsville), right, will receive a new revenue forecast before finalizing the budget.

Brandon Smith/IPB

Indiana’s total collected revenue last month was 0.02 percent above projections – putting the state about $170 million ahead of target through nine months of the current fiscal year.

Last month saw the fourth consecutive month of better-than-predicted sales tax collections – that comes after a 10-month streak of poor performances.

And with three months to go in the fiscal year, all three primary tax collections exceed forecasted expectations: sales, corporate and individual income taxes.

Lawmakers will receive an updated revenue forecast next week as they finalize a new two-year state budget.

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