Indiana began its new fiscal year with tax collections that were roughly on target with where the state wants them to be.
The state didn’t take in as much money in taxes in July as budget writers planned. But it was close – just $2 million less than anticipated. That’s only 0.2 percent off the mark.
And most major tax categories outperformed expectations – individual and corporate income taxes came in above target. That’s especially positive for corporate tax collections, which have exceeded projections for six consecutive months.
But sales tax revenues struggled slightly last month. And while it wasn’t a huge dip – just 0.1 percent off the mark – it marks the eighth time in the last 13 months when sales taxes failed to meet expectations.
Contact Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.
