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State Income Tax Collections Boost May Revenues

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Indiana is heading into the final month of its fiscal year with tax collections ahead of projections.

The state spent much of this fiscal year behind the proverbial eight-ball as tax revenues came in below projections seven out of the first nine months. 

But a new revenue forecast released in April significantly dampened expectations and collections that month surged, helping the state climb out of the financial hole. 

Though not as robust as April’s numbers, May revenues cleared predicted levels by about $20 million, boosted by the second consecutive month of strong individual income tax collections. 

With the fiscal year wrapping up this month, Indiana now sits more than $200 million ahead of projections, with individual and corporate income tax figures exceeding expectations. 

Only sales tax numbers have stalled, about $13 million less than predicted on the year.

Brandon Smith is excited to be working for public radio in Indiana. He has previously worked in public radio as a reporter and anchor in mid-Missouri for KBIA Radio out of Columbia. Prior to that, he worked for WSPY Radio in Plano, Illinois as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, Missouri, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.