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Corporate Taxes Miss The Mark Again In Monthly Collections

(Brandon Smith, IPB News)

Indiana corporate tax collections have missed the mark 13 out of the last 15 months.

That’s after the tax revenue source came in below expectations in August.

Indiana collected $1.5 million less in corporate taxes last month than revenue analysts projected. Through just two months of the fiscal year, corporate revenues are already $21 million below expectations. That’s after such revenues missed the mark by more than a $100 million last fiscal year.

Indiana budget officials say corporate taxes are prone to volatility. The state has also cut the corporate tax rate the last seven years, and will continue to do so the next three.

Total tax revenues collected in August were nearly $31 million less than projected. That leaves Indiana slightly behind its state budget plan early in the new fiscal year.

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