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State tax collections continue to trail projections

October 11, 2014

Indiana tax collections fell below projections in September for the third straight month but remain ahead of revenue for the same period last year.

During the first quarter of the fiscal year, state revenue was nearly $39 million behind estimates released in December. That’s about 1.1 percent below the forecast.

Individual income tax collections are dragging down the totals. For the fiscal year, which began July 1, Hoosiers have paid about 4 percent less in income taxes than projected.

However, sales and corporate tax revenues are beating projections.

Lawmakers will receive an updated fiscal forecast in December, just before they begin work on the next two-year state budget.

Following are numbers from the state:

— State general fund revenues for September were $1,484.8 million, which is $5.6 million (0.4 percent) below the estimate based on the Dec. 20, 2013 forecast but
$24.4 million (1.7 percent) above revenue in September 2013.

— Sales tax collections were $604.5 million for September, which is $0.1 million below the estimate for the month and $16.9 million (2.9 percent) above revenue in September 2013.

— Individual income tax collections totaled $550.6 million for the month, which is $41.1 million (6.9 percent) below the estimate for the month but $9.2 million (1.7 percent) above revenue in September 2013.

— Corporate income tax collections were $227.3 million, which is $38.3 million (20.3 percent) above estimate for the month and $30.1 million (15.3 percent) above revenue in September 2013.

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