Indiana collected $51.2 million less in taxes last month than even the recent, very pessimistic revenue forecast projected it would.
When a revenue forecast unveiled last month projected a $2 billion shortfall for the next state budget, it also dragged down revenue estimates for the current fiscal year.
And Indiana fell nearly 2 percent short of those lowered expectations in April, driven primarily by corporate income taxes that missed the mark by $113.5 million.
Corporate taxes have now failed to meet expectations eight of this fiscal year’s 10 months — and 16 out of 22 months in the current budget cycle.
READ MORE: Where does Indiana state budget funding come from?
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Indiana is still expected to fall about $400 million short in the current budget — a gap the state is expected to fill by agencies returning unused dollars and by spending down budget reserves.
Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5 .
