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State Revenue Report Shows Strong Third Quarter

Overall revenues were boosted by a surge in individual income tax collections, which came in more than $70 million ahead.

brown and bosma

Photo: Dan Goldblatt/WFIU-WTIU News

Tim Brown (left) sits with House Speaker Brian Bosma (right). Brown, who chairs the Ways and Means Committee, will use the April numbers to get a better idea of how the House budget can be amended.

Indiana posted a stronger third quarter of tax revenues than expected this fiscal year. That could have an impact on budget negotiations as the General Assembly nears the finish line.

Indiana sales tax revenues actually struggled during the most recent four months of the fiscal year, falling more than $40 million behind the most recent forecast.

But overall revenues were boosted by a surge in individual income tax collections, which came in more than $70 million ahead. For the entire fiscal year, the state is $74 million better than predicted levels. The third quarter numbers come ahead of a new revenue forecast due in the next couple weeks.

House Ways and Means chair Tim Brown says the April forecast will be an important point of information, coupled with revenue data from the first segment of 2013.

“We’ll be able to look at in comparison with the December forecast to see if the first quarter has grown appropriately with the way we think it should,” he says.

Senate Appropriations chair Luke Kenley downplayed the significance of the upcoming forecast, noting the Senate budget was prepared having a rough idea of what the forecast will predict.

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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