Give Now

State Tax Collections Surge Due To Underestimated Sales Taxes

State Budget Agency offices at the Statehouse (Brandon Smith/IPB News)

Photo: Brandon Smith (IPB News)

State Budget Agency offices at the Statehouse

Indiana took in $134 million more in taxes last month than fiscal analysts predicted – that’s 20 percent better than projections, the best performance in nearly two years.

The surge was driven primarily by sales tax collections, which came in more than $96 million better than expected. That’s 250 percent above predicted levels. The State Budget Agency says it’s due to a complicated underestimation involving last year’s revenue numbers and the number of paydays in the previous month.

Overall, sales tax numbers for the entire fiscal year are just slightly ahead of projections, as are individual income tax collections. Corporate taxes continue to lag behind expectations.

Lawmakers will receive a new revenue forecast in April, just days before they’re expected to finalize a new two-year state budget.

Want to contact your legislators about an issue that matters to you? Find out how to contact your senators and member of Congress here.

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Politics Stories

Recent Videos

Find Us on Facebook