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State Revenues On Target With Three Months To Go In Fiscal Year

Indiana Statehouse

Indiana revenues are on target. (Brandon Smith, IPB News)

Indiana revenues are on target with three months left before the state closes its books on the 2019 fiscal year.

The state collected about $14 million more in taxes in March than the budget plan projected. That puts Indiana roughly where it wants to be for the entire fiscal year – about 0.5 percent ahead of its target.

Individual income tax revenues struggled in March, for the third consecutive month. Yet collections overall were buoyed by corporate and sales taxes.

The latter is particularly notable – it had been five months since individual income taxes even met expectations, let alone exceeded them. That said, the state’s second largest revenue source still isn’t on target, nearly $68 million off the mark with three-quarters of the fiscal year finished.

Lawmakers will get a new revenue forecast later this month.

CORRECTION: A previous version of this story misstated revenues were buoyed by sales taxes. That is incorrect. Sales tax revenues struggled, but individual income taxes exceeded expectations.

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