Indiana tax collections fell further away from its budget plan in May, one month away from the end of the fiscal year.
The state had been on a roll, only once in five months did it bring in fewer tax dollars than its budget planned for. But a subpar May – $44 million less than expected – put the state further away from its revenue goal with a month to go before the fiscal year’s end.
Sales tax collections met projections, and individual income taxes fell just short last month.
But the state paid out more in corporate tax refunds than it collected in May, the sixth time in 11 months this fiscal year that’s happened. Corporate income tax collections are now about $160 million less than expected.
