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Indiana Tax Revenue Still Low As End Of Fiscal Year Nears

Indiana's tax revenue is still $50 million lower than projections with only one month left in the fiscal year.

stack of hundred dollar bills

Photo: Ben Adams (Flickr)

Indiana's tax revenues are suffering, largely because of lower revenues from income taxes.

Indiana’s overall tax collections last month were strong, yet individual income taxes continue to come in under projections.

Indiana has put together three consecutive months of tax revenue collections that exceed expected levels, including May revenues that are $11 million above target.

Yet with only one month left in the fiscal year, the state still has not closed the gap on its fiscal projections. It is nearly $50 million short of expectations.

Playing a significant role in that deficit are individual income taxes, which are nearly $150 million below target.

Still, Governor Mike Pence says he’s encouraged that the overall revenue picture is continuing to recover.

“We believe that we’re on track to finish this fiscal year with a $100 million in a surplus and with reserves nearly $2 billion,” he says.

Pence says the state will continue to monitor its revenues and exercise caution while advancing policies the governor says will foster economic growth.

Brandon Smith

Brandon Smith 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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