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Indiana on track to meet budget plan revenues after May tax collections

By Brandon Smith, IPB News | Published on in Government, Statewide News
Indiana is about $42 million ahead of where the state budget expected its revenues to be through 11 months of the 2024 fiscal year. (Brandon Smith/IPB News)

Indiana officials will soon close the books on the state’s 2024 fiscal year, which officially ended June 30. And the state headed into that final month on track to meet budget expectations.

May’s total tax collections exceeded the state budget plan for the first time in four months.

That’s despite sales taxes failing to meet expectations for the 14th consecutive month. For this fiscal year, sales tax collections are nearly $89 million off the mark.

READ MORE: Where does Indiana state budget funding come from?

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May was buoyed, however, by stronger-than-expected income tax revenue, both individual and corporate. That helped lead the state to sit about $42 million ahead of the budget plan through 11 months of the fiscal year. That’s essentially on target, a difference from projections of just 0.2 percent.

Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.