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Indiana on track to meet budget plan revenues after May tax collections

The southern exterior of the Indiana Statehouse.
Brandon Smith
IPB News
Indiana is about $42 million ahead of where the state budget expected its revenues to be through 11 months of the 2024 fiscal year.

Indiana officials will soon close the books on the state’s 2024 fiscal year, which officially ended June 30. And the state headed into that final month on track to meet budget expectations.

May’s total tax collections exceeded the state budget plan for the first time in four months.

That’s despite sales taxes failing to meet expectations for the 14th consecutive month. For this fiscal year, sales tax collections are nearly $89 million off the mark.

READ MORE: Where does Indiana state budget funding come from?

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May was buoyed, however, by stronger-than-expected income tax revenue, both individual and corporate. That helped lead the state to sit about $42 million ahead of the budget plan through 11 months of the fiscal year. That’s essentially on target, a difference from projections of just 0.2 percent.

Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.

Brandon Smith has covered the Statehouse for Indiana Public Broadcasting for more than a decade, spanning three governors and a dozen legislative sessions. He's also the host of Indiana Week in Review, a weekly political and policy discussion program seen and heard across the state. He previously worked at KBIA in Columbia, Missouri and WSPY in Plano, Illinois. His first job in radio was in another state capitol - Jefferson City, Missouri - as a reporter for three stations around the Show-Me State.