July Tax Collections $14 Million Less Than Projected

The state budget director says part of the shortfall comes from moving funds to the Motor Vehicle Highway Fund.

20 dollar bills

Photo: AComment (flickr)

State tax revenues for July were much less than expected.

Indiana’s new fiscal year got off to a rough start as state tax revenue collections last month were more than $14 million below projections.

The first month of the 2014 fiscal year did not meet expectations as Indiana collected %1.4 less in tax revenues than predicted.

The biggest hit came from individual income tax collections, which were 12 million dollars below expected levels. Sales tax collections were down ten million dollars.

State Budget Director Brian Bailey says the drop is in part because the state transferred sales tax money to the Motor Vehicle Highway Fund, as required by the budget bill passed last legislative session.

He says without the sales tax redirection, state tax revenues would only have been about four million dollars below expectations.

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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