December Revenue Ahead of Predictions, But Still Lagging Overall

Last month was one of the best for Indiana tax revenues this fiscal year, with strong growth in several areas.  But the state is still struggling to pull ahead of projections overall.

The state closed 2014 with tax revenues that were more than $25 million better than predicted.  Sales, corporate and gaming taxes all performed better than expected.  But individual income taxes continue to scuffle, coming in more than $8 million below projections in December and sitting more than $73 million off the mark for the whole first half of the fiscal year. 

Sales and corporate income taxes finished the calendar year ahead of expectations.  But revenues as a whole underperformed through the halfway mark of the fiscal year, a little less than $26 million below expectations. 

A new revenue projection will be released in mid-April, helping lawmakers as they finalize a new state budget.