Indiana’s 2018 fiscal year began not with a bang, but a whimper, as all of its tax revenues came in below expectations.
The last fiscal year – which ended in June – finished with total state tax collections just barely ahead of projections. Sales and corporate taxes slightly exceeded expectations but individual income taxes failed to hit their target.
The picture only got worse as the new fiscal year began.
Total tax revenues missed the mark by more than $22 million in July. And sales, individual income, and corporate taxes all came in less than expected.
Individual income tax collections have now failed to meet expected levels in seven months over the last year.