income tax

Indiana tax revenues fell further behind expectations as the state finished the first quarter of its fiscal year.

The first two months of the fiscal year put the state more than $40 million below expectations. September made it more than twice as bad.

Total tax collections last month were more than $66 million less than projected, which puts the state $107 million off the mark for the fiscal year.

Sales, corporate, and individual income taxes all missed their targets in September. Corporate and sales taxes haven’t yet met expectations at any point this fiscal year.

Indiana 2018 Fiscal Year Off To Slow Start

Aug 10, 2017

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.

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Indiana’s tax collections remain just barely above target through eight months of the fiscal year. 

The state brought in about 45-million more tax dollars in February than expected, more than 6.5-percent above target. That’s despite sales and corporate tax revenues that came in below projections. 

The state’s positive revenue month was almost entirely due to individual income tax collections – $65 million, or 131-percent better than expected. 

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Income taxes might go down to soften the blow of pushing Indiana’s gas and cigarette taxes up.

A House committee has resurrected Governor Pence's proposed 10-percent tax cut from three years ago.

Pence had to settle for 5-percent then, but Republicans have added the other half as a sweetener to the bill that raises other taxes to pay for road repairs.

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The state says at least six Indiana income-tax credits aren't accomplishing much.

Legislators last year ordered a comprehensive five-year review of all state tax incentives -- 14 tax breaks got a look in year two.

Office of Fiscal and Management Analysis spokesman Pete Holloway says four incentives for building low-income housing have had, in his words, "little to no impact" on getting such projects built. And he says the use of two credits for rehabbing historic buildings plummeted four years ago and hasn't recovered.

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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. 

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A new U.S. Supreme Court opinion that could have an impact on Indiana rules that Maryland is essentially double-taxing residents who earn out-of-state income.  But the impact on the Hoosier State would likely be minimal.

If Maryland residents pay income taxes to other states and counties outside of Maryland, they can take a credit against their state tax, but not their local county tax. 

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Indiana tax collections surged in April after struggling through much of the last year, and the state now sits comfortably ahead of projections heading into the last two months of the fiscal calendar.

Coming into April, tax collections had only exceeded expectations twice in the first nine months of the fiscal year.

But revenues rose in April — more than $168 million dollars more than expected. That puts the state about $192 million dollars ahead of projections for the fiscal year.

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Indiana tax collections have fallen below expectations four of the first five months of the fiscal year. 

November tax revenues came in about $48 million below expected levels, due primarily to individual income tax collections that underperformed by about 10-percent. 

Through nearly half of the fiscal year that began in July, state revenues are about $85 million below projections, about 1.5-percent less than expected. 

And while sales and corporate tax collections have exceeded expectations, individual income taxes are more than $100 million off the mark. 

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Indiana’s tax collections continue to struggle in the early part of the fiscal year. 

Indiana collected about $28 million less in taxes than expected in August, putting the state more than 1.5-percent below projections for the fiscal year that began just two months ago. 

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