Feb. Revenues Surpass Projections, State Still Behind Budget Plan

Indiana tax collections surpassed expectations in February for the third consecutive month – and only the third time this fiscal year.

Total tax collections were about $30 million better than expected last month. The positive month was spurred by individual income tax collections more than 30 percent better than projected. Sales taxes came in essentially right on target.

But corporate taxes continue to struggle. Those collections have been above expected levels only once in eight months of the fiscal year. And through those eight months, the state has collected $62 million less from corporations than it expected.

And with a third of the fiscal year remaining, total tax revenues remain behind the state’s budget plan – about $20 million off the mark as of February.