INDIANAPOLIS — Indiana remains on track to hit its annual revenue target when the 2018 budget year ends June 30, despite lower than expected May tax collections.
Last month, Hoosiers paid $1.07 billion in taxes to the state. But that was $70.9 million, or 6.2 percent, less than predicted by the state's revenue forecast.
The revenue miss largely was attributable to the negative corporate income tax total.
The State Budget Agency said in addition to larger refunds, corporate income tax collections consistently have missed the mark this year due to non-resident partnership withholdings being categorized under individual income instead of corporate income, and taxpayer filing adjustments to account for lower Indiana corporate taxable profit.
Nevertheless, the $13.7 billion in total state revenue through 11 months of the budget year was $17.5 million, or 0.1 percent, more than predicted by the December 2017 revised revenue forecast.
It's also $176.6 million, or 1.3 percent, greater than state tax collections for the same period one year earlier, with individual income tax receipts up 7.8 percent year-over-year and sales tax payments up 1.9 percent.
The state auditor is due to release Indiana's revenue and spending totals for the full budget year in mid-July.
© Copyright 2024, nwitimes.com, Munster, IN