State Revenues Below Target Again

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Indiana revenues in September were $5.6 million below the latest estimate, but more than $24 million ahead of collections during the same month the previous year. The Indiana State Budget Agency says collections so far for fiscal 2015 are nearly $39 million below target.

Indianapolis, Ind. — The monthly revenue report for September 2014 state tax collections was released today.

Charts showing September 2014 data (year-over-year growth and comparisons to monthly estimates) also are located on the Management and Performance Hub website under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.

Results

–State general fund revenues for September were $1,484.8 million, which is $5.6

million (0.4%) below the estimate based on the December 20, 2013 forecast but

$24.4 million (1.7%) above revenue in September 2013.

–Sales tax collections were $604.5 million for September, which is $0.1 million below

the estimate for the month and $16.9 million (2.9%) above revenue in September

2013.

–Individual income tax collections totaled $550.6 million for the month, which is $41.1 million (6.9%) below the estimate for the month but $9.2 million (1.7%) above

revenue in September 2013.

— Corporate income tax collections were $227.3 million, which is $38.3 million (20.3%) above estimate for the month and $30.1 million (15.3%) above revenue in

September 2013.

Commentary

After the first quarter of fiscal year 2015, state general fund revenues were $38.7 million (1.1%) below the December 20, 2013 projected forecast but $50.2 million (1.5%) above collections in the first quarter of fiscal year 2014.

Sales tax collections for the first quarter of fiscal 2015 were $15.3 million (0.8%) above estimate and $86.4 million (4.9%) above collections in the first quarter of fiscal year 2014.

Individual income tax collections for the first quarter of fiscal 2015 have grown by $50.2 million (4.3%) over the same period a year ago, but are $49.7 million (3.9%) below estimate. Corporate tax collections for the first quarter of 2015 declined $9.9 million below collections the same period a year ago, but were $11.4 million (5.2%) above estimate.

Source: Indiana State Budget Agency