Indiana Taxes Exceed Expectations For First Time This Fiscal Year

Indiana’s tax collections slightly exceeded expectations in December – the first time that’s happened this fiscal year.

State tax revenues fell below projections through each of the first five months of the fiscal year. But analysts delivered a new, slightly more pessimistic forecast in mid-December. And in part because of that adjustment, December’s collections were rosier than previous months.

Total collections were about $8 million better than expected, led by a surge in individual income taxes. Corporate income taxes came in above projections for the first time this fiscal year. Sales taxes failed to meet expectations in December.

And last month’s numbers helped the state get back to expected levels for the total fiscal year – essentially right on target heading into the second half of the year.