Indiana tax collections outperformed budget projections in September – better than any month in the current two-year budget cycle.
That includes a strong rebound in corporate income taxes.
Indiana missed the mark in corporate tax collections 13 out of 15 months going into September. But the state brought in more than $28 million more in corporate income tax last month than predicted.
In fact, every tax category outperformed expectations in September. That helped the state bring in about $111 million more than its budget projected.
You have to go back to April 2015 to find a month in which revenues exceeded the budget plan more than that.
Yet the state isn’t celebrating much. Its fiscal analysis suggests several one-time factors – such as the timing of certain refunds and payments – lead to the positive results.
