Indiana Fell Short Of Revenue Target In October [View all]

INDIANAPOLIS -- Indiana last month faced the first significant revenue shortfall this fiscal year, collecting $64 million less than expected.

A processing error shifted more than $86 million in tax revenue collected in September to October’s balance sheets. After accounting for that shift, the state fell short of its target revenue by nearly 6 percent last month.

Through a third of the current fiscal year, that puts Indiana about $61 million below the target of $4.57 billion, or 1.3%.

The biggest losses in October came in sales tax and corporate income tax collections, which were off by about $27 million and $35 million, respectively. Corporate taxes in particular fell short, 107 percent below projections. The State Budget Agency says higher corporate refunds contributed to that shortfall. Indiana will release a new revenue forecast next month.
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http://www.wfyi.org/news/articles/indiana-was-nearly-6-short-of-revenue-target-in-october
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