State revenue collections come in below forecast
Indiana’s year-to-date revenue collections of nearly $5.8 billion have come in nearly $150 million below what was forecast by the State Budget Agency last spring.
The agency on Monday issued its revenue report for November, which found that although actual collections for the current fiscal year are below forecast, they are above the collections for the same time period a year ago.
In November, general fund revenues totaled a little more than $1 billion, lower than the forecast by 1.3 percent but above November 2016 collections by 1.7 percent.
Other November numbers:
- Sales tax collections were $617.5 million, more than1 percent higher than forecast and 3 percent above a year ago;
- Individual income tax collections totaled $363.9 million, above the estimate and 3.2 percent above the amount collected a year ago;
- Corporate tax collections were $33.8 million, well below the forecast and the amount collected in November 2016.
The budget agency reported that corporate tax collections are down because refunds, which total $76.6 million fiscal year-to-date, are up 100 percent.
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