Indiana Falls Short of Expected Tax Revenues for Second Month in a Row
State Tax Collection Slump Continues (PHOTO: google)
According to Ink Free News report, for the second month in a row, Indiana’s tax revenues fell short of expectations in November. This is a problem for the state, especially when it comes to its budget. Reports said that around $1.41 billion would be collected, but only $45.8 million was actually brought in. This is a 3.2% disappointment. A report on monthly income says that the gap has grown to $115 million so far this year. The main reason for the delay in sales tax payments was that sales tax income was about $41 million less than what was expected each month. A lot of corporate income tax was also not paid on time. The State Budget Agency said that the estimates of how much money use taxes would bring in were off because money from the fuel use tax was used to pay for roads and bridges. The state still anticipates that overall collections will increase by about 4% by the end of the year, but the rate is lower than it has been in the past. Corporation tax payments for the General Fund were about $21 million less than expected, which is about 148% less than expectations. This meant that the fund had a big loss. The amount for December is expected to be important for figuring out how the economy is doing right now because it includes a big payment due date for the quarter. Indiana’s monthly earnings pay for its annual budget, even though the state is having trouble with its receipts as it tries to get through the fiscal year.
