Revenue Forecast and State Budget and State Government and Government & Economic Development and Government

Indiana tax collections below target for 2nd month

March 5, 2012

Indiana's state tax collections have fallen short of projections for the second straight month.

Figures released Monday by the State Budget Agency show tax revenues for February came in less than expected by nearly $29 million, or about 4 percent. That follows a shortfall of about 3.5 percent for January.

Despite that two-month period, tax revenue for the first eight months of the current budget year is about half a percentage point ahead of projections and 7.6 percent ahead of the same period a year ago.

State budget director Adam Horst says the Department of Revenue has paid out more in tax refunds over the past two months than in January and February 2011, so income tax collections might be stronger later this year.

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