Indiana revenue continues to miss target

2013-10-04T18:15:00Z 2013-10-04T23:34:09Z Indiana revenue continues to miss targetBy Dan Carden dan.carden@nwi.com, (317) 637-9078 nwitimes.com
October 04, 2013 6:15 pm  • 

INDIANAPOLIS | State revenue edged closer to meeting expectations in September, but for the sixth time in the eight full months Gov. Mike Pence has been in office it failed to hit the target.

Indiana took in $1.46 billion last month. That's $8 million, or 0.5 percent, below the revenue forecast.

The state's two largest revenue sources, sales and income taxes, had the biggest shortfalls relative to revenue expectations, along with riverboat wagering taxes.

Sales tax revenue totaled $587.6 million, which was $4.7 million or 0.8 percent below forecast. Income taxes totaled $541.4 million. That's $26.8 million, or 4.7 percent, less than expected.

The $23.1 million in state revenue from taxes on bets placed at riverboat casinos was $5.6 million, or 19.5 percent, less than the state expected.

Indiana would have suffered a much larger total revenue miss without the addition of $23.5 million paid in inheritance taxes last month.

State lawmakers this year eliminated the inheritance tax retroactive to Jan. 1, but revenue from prior-year deaths continues to trickle in.

Through the first quarter of the 2014 budget year, Indiana's overall revenue of $3.45 billion is $73.5 million, or 2.1 percent, below expectations.

It's also down $32.7 million, or 0.9 percent, compared to the same period last year.

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