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State tax collections miss budget expectations

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Tax receipts for the first quarter of the state's fiscal year have missed projections that were used to write the current two-year budget and were less than the amount collected during the same period last year, the Indiana State Budget Agency announced Friday.

Overall, receipts were 2.1 percent less than expected, although the numbers for September were not as low as the previous two months.

State Budget Director Brian Bailey said it’s too soon for state officials to act, by making cuts or withholding funds to agencies, for example.

“We still have concerns,” Bailey said. “But, right now, the proper approach is to continue monitoring.”

Individual income taxes are leading the revenue decline. For the quarter – which began July 1 – individual income tax collections totaled $1.17 billion. That’s roughly  $81.7 million below the forecast and $58.4 million less than last year’s first quarter.

Sales tax revenue didn’t meet projections but it was higher than last year. And gambling revenues were down for both the quarter and by double digits – 16 percent – in September alone.

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  • Whoops
    Meant 2012 refund. :)
  • Still waiting on refund
    I'm still waiting on my 2013 state tax refund. Would prefer they keep the tax cut and pay me what I overpaid last year!
    • Where Did Pence Learn Kentucky Windage?
      Trust me Governor Pence, sucking on your thumb and then holding it up to gauge the winds of economic recovery makes you look rather foolish.
    • Volunteer your money
      If you are opposed to helping struggling workers by letting them keep some more of their own money, then please feel free to volunteer your money to the government. No one is stopping you.
    • OMG Give Back the Tax Cut
      OMG! Let's give the Governor back that humongous tax cut we will get over the next 10 years. I will gladly give back my 75 cents per week to help fund the many special interests of his economic development team, including the $1.4 million promised to get a direct airline route between Indy and San Francisco. After all, the route will open up a big pipeline of jobs coming from the west coast to Indy.
    • Pence Tax Cut A Failure!
      Governor Pence said the tax cut would attract more jobs and increase revenue. To that I must say, "Trickle Down Economics" fails again!

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