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home : most recent : statewide implications August 14, 2018

1/12/2018 4:53:00 PM
State revenue hits revised target in December 2017

Dan Carden, Times of Northwest Indiana

INDIANAPOLIS — State tax collections last month were in line with the Dec. 18 revised revenue forecast that upped anticipated personal income tax payments and reduced projected corporate income tax remittances.

Altogether, Hoosiers paid $1.33 billion to the state, mostly in sales ($615 million) and personal income ($462 million) taxes.

Businesses paid income taxes totaling $120 million in December after two months in a row that saw the state send out more in corporate income tax refunds than it took in through net corporate income tax collections.

Data show Indiana revenue between July and December still is running about 2 percent lower than the estimates used by Hoosier lawmakers in April to craft the state's two-year spending plan. 

However, state budget officials are confident they can manage through any shortfall, thanks to Republican Gov. Eric Holcomb directing state agencies to hold back 3 percent of their appropriations, and the option to draw, if necessary, on Indiana's nearly $2 billion budget reserve fund.

Related Links:
• December 2017 state revenue report

Related Stories:
• COMMENTARY: The latest Indiana state revenue forecast update

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