State Budget and State Government and Taxes and Government & Economic Development and Government

Indiana state tax collections take May dip

June 4, 2012

Indiana's tax collections fell in May, but state budget officials say the decline had been expected following April's unusually high tax revenue.

May's state tax revenue came in $143 million below projections, according to the Journal Gazette of Fort Wayne. That comes after April's revenue was up about $159 million due to faster-than-usual tax returns processing.

With one month remaining in the current fiscal year, state tax revenues are below projections by two-tenths of 1 percent, or about $25 million. June is the second-largest month of the year in terms of tax collections.

Revenues are running nearly $200 million ahead of planned spending in the state's budget.

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