Indiana tax collections surged above expectations in May as the state heads into the final month of the fiscal year.
A new revenue forecast delivered in April put a damper on Indiana's tax revenue performance. The state was $34 million behind expectations after last month's poor collections.
But May brought with it the second best month of tax collections this fiscal year – more than a $110 million better than expected. That means the state is now nearly $77 million ahead of projections heading into the fiscal year's final month.
Sales and corporate tax revenues remain above expectations.
Yet despite strong collections in May, individual income taxes continue to suffer for the fiscal year as a whole, $35 million off the mark.
Fiscal year 2017 closes at the end of June.