Indiana began the second half of its fiscal year still struggling to meet its tax revenue projections. Monthly collections have fallen below expectations five of the last seven months.
The first half of Indiana’s fiscal year ended on a high note in December. A strong showing for the month helped the state come in just below overall projections. But the state’s performance dipped again in January as Indiana took in about $63 million less than expected. That puts the Hoosier state nearly $90 million off the mark for the entire fiscal year.
Individual and corporate income tax collections are below predicted levels, while sales tax collections exceeded their target by only about one percent. Still, the state notes revenues are improving compared to last year, with collections through seven months of the fiscal year more than $230 million better than in January 2014.
