April Tax Revenues Better Than Expected
May 9, 2014—By BRANDON SMITH, IPBS
Despite the good news, the state still isn’t meeting its total target with only two more months left in the fiscal year.
Indiana collected nearly $14 million more in April tax revenue than projected, boosted by strong corporate tax collections that are more than 12 percent higher than expected.
Yet individual income tax collections continue to suffer. Those numbers were about $24 million below target last month and 15 percent less than April of 2013.
State budget analysts attribute that drop to timing, with an extra Friday of payroll collections last year.
But through ten months of the fiscal year, individual income taxes are $121 million below expectations, contributing to total tax collections that are more than $60 million off the mark.