Indiana tax revenues down $157M in March-WEB ONLY

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Indiana state tax collections were down $157 million in March, with total revenues $755 million less for the first nine months of the fiscal year than lawmakers had approved for spending.

Revenues have fallen short of original projections in eight of the nine months so far in this fiscal year. They were $4.1 million ahead of initial expectations last July, but have been below projections every month since.

The $157 million miss in March that officials reported today was second only to a $218 million hit the state took in January.

A revised forecast in December predicted the state would take in about $763 million less than lawmakers had approved for spending. But collections from that forecast have fallen short of target the past four months.

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