State Tax Receipts Continue To Trail Projections
October 13, 2014 — Indiana Public Broadcasting’s Brandon Smith reports.
INDIANAPOLIS – State tax receipts fell below projections in September for the third straight month but remain ahead of revenue for the same period last year.
During the first quarter of the fiscal year, state revenue was nearly $39 million behind estimates released in December. That’s about 1.1 percent below forecast.
Individual income tax collections are dragging down the totals. For the fiscal year, which began July 1, Hoosiers have paid about 4 percent less in income taxes than projected.
However, sales and corporate tax revenues are beating projections.
Lawmakers will receive an updated fiscal forecast in December, just before they begin work on the next two-year state budget.