August revenue

Indiana continues to struggle in its new fiscal year as revenues came in below expectations in August.

Total state tax collections came in about $18 million off the mark in August. That puts the state more than $40 million behind projections this fiscal year.

Sales and corporate tax revenues continue to struggle. Corporate taxes in particular suffered last month, $31 million less than expected, which is about 700 percent below target.

Pictures of Money / https://www.flickr.com/photos/pictures-of-money/

Indiana’s fiscal year is off to a slow start, with its first two months coming in below expectations.

August tax collections came in more than $25 million less than expected – following a July return of more than $7 million below projections.

That leaves the state already 1.5-percent off the mark through the first two months of the new fiscal year.

Corporate taxes fared well in August, more than 40-percent better than expected.

But individual income taxes scuffled after a strong July and sales taxes performed poorly again, more than $20 million off the mark.

Jim Grey / https://www.flickr.com/photos/mobilene/

Indiana tax collections in August inched just ahead of projections two months into the new fiscal year. 

Indiana collected about $6 million more in taxes last month than expected, putting the Hoosier State right on par with projections for the entire year – just $300,000 better than predicted. 

Both individual and corporate income tax collections performed better than expected last month while sales tax figures dipped, about $15 million off the mark.