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Indiana Collects More Taxes In October Than Expected

The Department of Revenue took in more taxes in April than in May.

With another strong month of state revenue collection, Indiana appears headed for a significant surplus next summer.

State revenues last month were $24 million ahead of the most recent forecasts, keeping the state on track to nearly double its fiscal projections.

Indiana ended its last fiscal year with around two billion dollars in reserves and should end the current fiscal year in the black as well.

Gubernatorial candidates John Gregg and Mike Pence have both proposed significant tax cuts that could dip into those reserves, and House Republicans say they want to start restoring money to programs cut or reduced during the recession.

But Gregg, Pence and state lawmakers all preach caution, emphasizing the need to keep an adequate reserve level to shield from the potential of another economic downturn.

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