Indiana taxes farmland mainly on the value of crops the soil can produce. But that calculation has lagged behind the current crop market.
Through four months of the fiscal year, Indiana’s tax collections have yet to meet or exceed projected levels.
Revenue numbers released Friday show Indiana earned nearly $26 million less in sales tax than it expected in September.
The state collected $188.5 million in back taxes during the amnesty period by agreeing to waive late fees, interest and penalties on the delinquent payments.
Indiana is riding a poor streak heading into the last month of the fiscal year: the state’s tax collections fell short of the mark three months in a row.
Both sales and individual income taxes fell short of the mark, with corporate income taxes the lone bright spot for the month.
Through nine months of the fiscal year the state is essentially on target for its projections.
Indiana’s tax collections remain just barely above target through eight months of the fiscal year.
Indiana tax revenues have come in just below expectations for most of the fiscal year.
The new revenue forecast includes optimistic expectations for individual income taxes.