Indiana budget leaders will officially close the books on the state’s fiscal year next week. But June’s revenue report reveals Indiana did not collect enough taxes to meet its budget plan.
June, the final month of each fiscal year, is also the second largest month for tax revenues. And June 2024 failed to meet the state budget plan’s expectations by more than $136 million.
That’s despite the fact that sales taxes exceeded expectations for the first time in nearly a year and a half.
READ MORE: Where does Indiana state budget funding come from?
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It was corporate income taxes that dragged the month down, missing the mark by about $120 million.
And for the fiscal year overall, Indiana revenues fell short of the budget plan by nearly $100 million.
Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.