Indiana tax collections are already more than $700 million ahead of what the state budget needs, just four months into the fiscal year.
September was the first time in more than a year that Indiana revenues failed to meet expectations. But that was mostly because of a delay in processing some income taxes – shifting that money from September to October.
And that means October’s collections were significantly better, about $184 million more than revenue forecast predictions.
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Through four months of the fiscal year, Indiana is now more than 12 percent ahead of its state budget plan. That’s better than its revenue picture last October – and the state finished its last fiscal year with $3 billion more than it needed.
What does that mean for Hoosiers? It potentially gives state lawmakers a lot of one-time money to spend during their upcoming budget-writing session.
Contact reporter Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.