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So Far, So Good For Indiana’s Tax Revenues

By Brandon Smith, IPB News | Published on in Economy, Government, Politics
in.gov photo

Indiana revenues are on target with three months left before the state closes its books on the 2019 fiscal year.

The state collected about 14 million dollars more in taxes in March than the budget plan projected. That puts Indiana roughly where it wants to be for the entire fiscal year – about a half a percent ahead of its target.

Sales tax revenues struggled in March, for the third consecutive month. Yet collections overall were buoyed by corporate and individual income taxes.

The latter is particularly notable – it had been five months since individual income taxes even met expectations, let alone exceeded them. That said, the state’s second largest revenue source still isn’t on target, nearly 68 million dollars off the mark with three-quarters of the fiscal year finished.

Lawmakers will get a new revenue forecast later this month.