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Indiana tax collections still ahead this fiscal year despite missing the mark in March

Indiana tax revenues are about 1 percent above the budget plan through three quarters of the 2024 fiscal year.
Indiana tax revenues are about 1 percent above the budget plan through three quarters of the 2024 fiscal year.

Indiana tax revenues are ahead of where the state budget needs them to be heading into the final three months of the budget cycle — despite collections in March that failed to meet expectations.

Through nine months of the current fiscal year, Indiana’s total tax collections are about $160 million ahead of where  the state budget expected them to be. That’s about 1 percent better than planned.

Individual income taxes are where Indiana has been strongest this year. After March delivered another month of collections that exceeded expectations, the state has now brought in nearly $400 million more than projected by the  latest revenue forecast.

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Sales taxes continue to struggle, however, missing the mark in March for the fourth consecutive month. With three months to go in the fiscal year, the state is about $61 million below where it expected to be in that category — though that’s less than 1 percent off the mark.

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

Brandon J. Smith has previously worked as a reporter and anchor for KBIA Radio in Columbia, MO. Prior to that, he worked for WSPY Radio in Plano, IL as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.