Three-quarters of the way through the fiscal year, Indiana's tax collections are more than $100 million below expected levels.
Indiana revenues have missed the mark seven out of the last nine months, with March collections coming in about $18 million below expectations. That puts the state $109 million below predicted levels this fiscal year, with individual income tax collections more than $130 million off target.
Corporate tax revenues are the lone bright spot for the state — more than $36 million better than expected.
Senate Republicans will unveil their proposed budget Thursday, and budget architect Luke Kenley, R-Noblesville, says he's likely to produce a conservative proposal in advance of next week's new revenue forecast.