Tax receipts beat projections in October, slightly behind for fiscal year

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Published: Tuesday, 11 November 2014 21:56

INDIANAPOLIS – Tax revenues beat expectations in October – adding about $1.4 million more to the state’s coffers than projected.

Sales tax receipts were up for the month while individual and corporate income taxes fell below estimates. Both sales and individual income taxes beat revenue during the same period last year.

For the first four months of Fiscal Year 2015, total state tax revenues have fallen just below estimates but are higher than tax receipts for the same period in FY 2014.

The numbers matter as lawmakers approach their 2015 legislative session, when they’ll write the next two-year state budget, which will likely top $30 billion in spending. The session begins in earnest in January.