Indiana tax revenue collections continue to outpace expectations two months into the new fiscal year.
August’s revenue improved upon July’s as the Braun administration closely watches the monthly reports.
Revenue is $78 million better than the state budget plan two months into the fiscal year. Indiana collected 4 percent more revenue in August than budget writers expected.
That’s led by sales tax collections, which have now bested projections for four consecutive months. Individual income taxes rebounded in August after coming in just below par in July.
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Corporate income taxes continue to struggle, however. State fiscal analysts have long said that corporate taxes are hard to project.
But Indiana’s third largest revenue source is 33 percent below expectations through two months of the fiscal year and 35 percent lower than the same time last year. And there’s only been one month in the last year where those taxes came in above projections.
Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.