State's April Tax Revenue Better Than Expected

Indiana’s April tax revenues performed better than expected last month.  Yet, with two more months left in the fiscal year, the state isn’t meeting its total target.

Indiana collected nearly $14 million more in April tax revenue than projected, boosted by strong corporate tax collections that are more than 12 percent higher than expected.  Yet individual income tax collections continue to suffer – about $24 million below target last month and 15 percent less than April 2013. 

State budget analysts attribute that drop to timing, with an extra Friday of payroll collections last year.  But through 10 months of the fiscal year, individual income taxes are $121 million below expectations, contributing to total tax collections that are more than $60 million off the mark.