The new state tax revenue projection says Indiana will take in about $213 million less than a December forecast predicted.
Those proposed changes included a major alteration to the school funding formula.
A fight over funding may be looming at the General Assembly between local community corrections programs and the state Department of Correction.
Tax revenues were 4 percent below expectations in November.
Rep. Larry Buschon is touring the state with state Rep. Tim Brown to gather more information about Hoosiers' health care.
Indiana Congressman Larry Bucshon and State Representative Tim Brown say the state needs to increase access to health care.
A new state revenue forecast predicts Indiana will take in nearly $300 million less over the next 18 months than the legislature planned.
Both budget proposals increase school funding by three-percent over the next two years, and accelerate the planned phaseout of the inheritance tax.
The original Senate bill was aimed solely at providing financial support to the Indianapolis Motor Speedway for much-needed improvements at the track.
Legislative leaders referred to the April revenue forecast as key in budget negotiations earlier this session.