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home : most recent : economy February 23, 2019

9/8/2018 5:08:00 PM
Indiana tax revenue nearly meets expectations in July and August 2018

Dan Carden, Times of Northwest Indiana

INDIANAPOLIS — State revenue from sales, income and other taxes came in just slightly off-target during the first two months of Indiana's budget year.

Data released Friday by the State Budget Agency shows Indiana collected more than $2.2 billion from Hoosiers in July and August.

Though that was $8.1 million, or 0.4 percent, below the state's anticipated revenue for the period.

The shortfall largely was due to corporate income tax refunds exceeding net collections by $22.2 million, continuing a trend that occurred in six of the 12 months of the prior budget year, according to state records.

At the same time, Indiana's two largest revenue sources — sales and personal income taxes — essentially met expectations over the past two months, and both outpaced collections from last July and August.

Likewise, total state revenue this July and August was 2.7 percent, or $58.6 million, greater than the same period a year ago, when year-over-year growth tallied just 1 percent.

Hoosier lawmakers are closely watching the monthly revenue results as the General Assembly will use the December revenue forecast update to craft the new state budget when 2019 legislative session convenes in January.

Related Links:
• August 2018 state revenue report
• July 2018 state revenue report

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