Through a third of the current fiscal year, revenues are about $61 million below target. That's about 1.3 percent off the mark.
Significant tax relief for Hoosier employers could be on the horizon if the state’s revenues do well the next few months.
Boosted sales tax revenues led to higher-than expected state revenue collections in October.
Indiana's tax collections were below projections for the first two months of this fiscal year.
Tax revenues for Indiana were $5 million below expectations in July, the first month of the fiscal year.
Indiana's tax revenue is still $50 million lower than projections with only one month left in the fiscal year.
The March revenue report for Indiana shows improvement from February, but it doesn't make up for previous months' revenues that have fallen below predictions.
February tax revenues were $54 million short of projected levels, putting the state $90 million below expectations for the fiscal year.
December tax collections were more than $40 million above target.
Overall revenues were boosted by a surge in individual income tax collections, which came in more than $70 million ahead.