Indiana Corporate Tax Collections Continue To Struggle

Indiana tax collections are still behind the state’s budget plan – by a small amount – as the final quarter of the fiscal year begins.

Total revenues are about $26 million less than planned through 10 months of the current cycle. That’s a small miss – only about two-tenths of a percent off the mark. It was helped by a strong April, which brought in about $42 million more than expected.

Sales and individual income taxes outperformed projections last month.

But corporate income tax collections again failed to meet expectations. The state has now brought in more than $100 million less in corporate taxes than even updated, pessimistic projections predicted.