Indiana tax collections surged in April after struggling through much of the last year. The state sits comfortably ahead of projections heading into the last two months of the fiscal calendar.
Coming into April, tax collections had only exceeded expectations twice in the first nine months of the fiscal year. But revenues surged in April, more than $168 million above expectations. That puts the state about $192 million dollars ahead of projections for the fiscal year.
The rebound was led primarily by an extremely strong month for individual income taxes. The state brought in about $146 million, nearly 19 percent above target. Indiana’s strong showing for the month was largely helped by a new revenue forecast unveiled last month. The new forecast – developed by state fiscal analysts with input from national economists – dragged down expectations, helping the state more easily surpass them.
