Indiana heads into the final month of its fiscal year not quite on target for tax revenue collections after a below-expectations performance in May.
Indiana is riding a poor streak heading into the last month of the current fiscal year: the state's tax collections fell short of the mark three months in a row. Revenues were $11 million less in May than projected, dragged down primarily by sales and corporate tax collections.
That brings total revenues through 11 months of the fiscal year nearly $14 million below predicted levels, though that's only about one-tenth of a percent off the mark.
Individual and corporate income taxes are performing well this fiscal year – about $20 million and $35 million above projections, respectively.
Only sales taxes are suffering, $104 million below target.
The state will close the books on the fiscal year next month.