Indiana Collects More Taxes In October Than Expected

Indiana collected $24 million more in taxes than it forecasted.

Department of Revenue

Photo: Dan Goldblatt/WFIU-WTIU News

The Department of Revenue announced its October revenue report Monday.

With another strong month of state revenue collection, Indiana appears headed for a significant surplus next summer.

State revenues last month were $24 million ahead of the most recent forecasts, keeping the state on track to nearly double its fiscal projections.

Indiana ended its last fiscal year with around two billion dollars in reserves and should end the current fiscal year in the black as well.

Gubernatorial candidates John Gregg and Mike Pence have both proposed significant tax cuts that could dip into those reserves, and House Republicans say they want to start restoring money to programs cut or reduced during the recession.

But Gregg, Pence and state lawmakers all preach caution, emphasizing the need to keep an adequate reserve level to shield from the potential of another economic downturn.

Brandon Smith, IPBS

Brandon Smith, IPBS has previously worked as a reporter and anchor for KBIA Radio in Columbia, MO, and at WSPY Radio in Plano, IL as a show host, reporter, producer and anchor. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.

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