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State Tax Collections $38 Million Below Projections

Increases in state tax revenue and individual income tax revenue have been reported since last April.

State tax collections missed the mark last month, falling nearly three percent below projected levels and Indiana is still lagging behind expectations more than halfway through the fiscal year.

Tax revenues were more than $38 million below projections in January, putting the state about $35 million off expectations for the fiscal year.

State revenues suffered last month in just about every category – sales tax, individual and corporate income tax and gaming revenues.

With the General Assembly in the midst of a debate over reducing the business personal property and corporate taxes, Speaker Brian Bosma says a difficult January will give lawmakers pause.

“Let’s just say that revenues have been inconsistent over the last five months so we’re looking at that closely and any type of tax reform has to be judiciously reviewed and has to be prudent,” Bosma says.

The House Ways and Means Committee will consider the Senate tax reform proposal Monday.

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