Indiana is beginning the new fiscal year with tax revenues below projected levels, weighed down by poor performance from corporate tax collections.
The state struggled through much of the 2014 fiscal year that ended in June, coming in below expectations most of the year before finishing strong.
But Indiana’s momentum stalled to begin the 2015 fiscal year, with tax collections in July a little more than $5 million less than expected.
Individual income and sales tax revenues performed better than projected, but corporate income suffered, nearly 50 percent off the mark.
That marks a change from last fiscal year, when corporate tax revenues finished the year more than a $100 million ahead of expectations.
State Budget Director Brian Bailey notes that the overall tax collections last month did improve compared to July of last year.