State Tax Revenues Off The Projected Mark
October 7, 2013 — TheStatehouseFile.com
INDIANAPOLIS – Tax receipts for the first quarter of the fiscal year have missed projections used to write the current two-year state budget and are less than the amount collected during the same period last year.
Overall, receipts are 2.1 percent less than expected, although the numbers for September were not as low as the previous two months.
State Budget Director Brian Bailey said it’s too soon for state officials to act – by making cuts or withholding funds to agencies, for example.
“We still have concerns,” Bailey said. “But right now, the proper approach is to continue monitoring.”
Individual income taxes are leading the revenue decline. For the quarter – which began July 1 – individual income tax collections totaled $1.17 billion. That’s roughly $81.7 million below the forecast and $58.4 million less than last year’s first quarter.
Sales tax revenue didn’t meet projections but it was higher than last year. And gambling revenues were down for both the quarter and by double digits – 16 percent – in September alone.