individual income tax

State Tax Revenues Continue Slump In November

Dec 11, 2017

 

Indiana tax revenues continued their slump last month as the state nears the halfway point of its current fiscal year.

Indiana took in $13 million less in taxes than expected in November, which puts the state nearly $150 million below target through five months of the fiscal year.

The state has yet to exceed expectations for a single month in that period.

President Donald Trump called the GOP’s tax reform plan a “middle class miracle” as he rolled out details in a speech in Indianapolis Wednesday.

Trump said tax reforms passed in Indiana before and during Vice President Mike Pence’s time as governor should be a model for national change.

Eric J Paparatto / https://www.flickr.com/photos/ejpphoto/

Indiana’s new fiscal year got off to a slightly underwhelming start, continuing the streak of lackluster beginnings to its fiscal years under Governor Mike Pence.

In the four starts to a fiscal year during the Pence administration, the state’s tax collections came in less than projected each year.

It’s a slim margin this year – a little more than $7 million off the mark and less than one percent less than expected.

Individual income taxes did well in July, nearly $20 million better than projections.

Nic McPhee / https://www.flickr.com/photos/nicmcphee

A new revenue forecast unveiled Thursday by state fiscal analysts predicts Indiana will collect $175 million less in tax revenue over the next two years than previously expected.