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State Collected $64 Million Less Than Expected In October

By Brandon Smith

Posted November 9, 2015

Indiana last month faced the first significant revenue shortfall this fiscal year, collecting $64 million less than expected.

A processing error shifted more than $86 million tax dollars collected in September to October's balance sheets.

After accounting for that shift, the state fell short of its target revenue by nearly 6 percent last month.

Through a third of the current fiscal year, that puts Indiana about $61 million below target, which is about 1.3 percent off the mark.

The biggest losses in October came in sales tax and corporate income tax collections, which were off by about $27 million and $35 million, respectively.

Corporate taxes in particular fell short, 107 percent below projections. The State Budget Agency says higher corporate refunds contributed to that shortfall.

Indiana will release a new revenue forecast next month.

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State Collected $64 Million Less Than Expected In October

By Brandon Smith

Posted November 9, 2015

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