Corporate tax revenues down
INDIANAPOLIS—For the fifth straight month, Indiana’s corporate tax revenues are below forecast and the prior’s year’s collections, the state Department of Revenue reported Friday.
December 2017 was the last time monthly corporate tax collections exceeded the forecast and even then, they were down by 28 percent from December 2016.
Overall, the state’s general fund year-to-date collections total nearly $13.7 billion or $17.5 million above the December revised forecast and $176.6 million above collections through the same period in the last fiscal year.
In May alone, general fund revenues totaled $1.07 billion or 6.2 percent below the estimated forecast and nearly $127 million or 10.6 percent below May 2017 revenues.
Corporate revenues continue to come in below estimates. Year-to-date tax collections were $414.8 million, which is $159.8 million or nearly 28 percent below the December 2017 estimate. Collections are $335.5 million or almost 45 percent less than the revenues that came in through the same period a year ago.
Both sales and individual income tax collections were up for the month as well as year-to-date compared to the previous year.
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