Indiana tax collections failed to meet expectations in virtually all major sources last month.
Sales, corporate and individual income tax collections couldn’t meet projected targets in February. That’s the second consecutive month all three of the state’s primary revenue sources missed the mark.
State budget analysts, though, preach calm. They say corporate tax refunds were larger than expected last month. And they argue April and June traditionally provide the biggest revenue boost to the state’s bottom line.
But while sales and corporate taxes are still on pace to meet expectations, individual income taxes are not. Those collections have missed the target six of the fiscal year’s eight months. And that revenue source – the state’s second largest – is about $74 million behind where it should be.
