State Tax Revenues Continue To Struggle In New Fiscal Year

Indiana continues to struggle in its new fiscal year as revenues came in below expectations in August.

Total state tax collections came in about $18 million off the mark in August. That puts the state more than $40 million behind projections this fiscal year.

Sales and corporate tax revenues continue to struggle. Corporate taxes in particular suffered last month, $31 million less than expected, which is about 700 percent below target.

Individual income tax collections did rebound in August after an underwhelming start to the year – $14 million more collected than expected.

Yet through two months of the fiscal calendar, individual income taxes remain below projections, as do sales and corporate collections.