State’s September tax collections fall short of forecasts
The state says delays in income tax payment processing contributed to September revenues missing forecasts.
The state says delays in income tax payment processing contributed to September revenues missing forecasts.
Strong performance from sales, individual income and corporate taxes translated to Indiana’s August tax collections coming in higher than projected.
Better than expected collections from individual income and corporate taxes were among the reasons for Indiana’s strong revenue performance in February.
General fund revenues for July totaled $1,334.9 million, which is $65.2 million or 5.1% above estimates based on revenue forecasts in April, the state said.
Deferred income tax payments from April and June gave the state’s general revenue fund a boost.
General fund revenues for September totaled $1,709.7 million, which is $91.1 million or 5.6% above revised revenue forecasts from April and $101.9 million or 6.3% above revenue when compared to September 2018.