Indiana closed the books on its 2018 fiscal year to mark the third consecutive year the state collected less in corporate taxes.

The state collected $318 million less from corporations this year than last year.

2018 is the third straight year corporate tax collections went down. It’s also the seventh consecutive year Indiana cut the corporate tax rate, the third largest source of state revenue. But Office of Management and Budget Director Micah Vincent says that’s no cause for concern – he says corporate taxes are volatile.

“I would say Hoosiers should be very glad that we are not remaining as reliant on that tax,” Vincent says.

State officials regularly tout Indiana’s business climate and the number of companies they entice to locate or expand within the state.

Indiana will continue long-scheduled cuts to the corporate tax rate for another three years.

Overall, the state’s tax collections essentially met the budget plan approved last year, 0.01 percent better than expected.

Indiana finished its fiscal year with nearly $1.8 billion in reserve, which Vincent says helps ensure the state will have financial flexibility in any future economic downturn.