Favorite

State revenues down in January 

click to enlarge Indiana_State_Flag.jpg
By Jessica Wray

State revenues fell below expectations in January - the first month after fiscal experts revised estimates downward as the economy failed to recover as expected.

State taxes brought in $38 million below projections last month. Sales, individual income, corporate income and gambling taxes all missed their marks.

For the first seven months of fiscal year 2014, state taxes generated $8.06 billion - which is $35.5 million below target.

Also, revenues were $65.9 million less than during the same period one year ago.

The slower-than-expected tax revenues come as Gov. Mike Pence is pushing lawmakers to create a new state-funded preschool program and spend $400 million on highways that had been set aside in the last budget for future projects.

House Speaker Brian Bosma, R-Indianapolis, said this week that he supports most of Pence's proposals but lawmakers must take the revenue issues into consideration.
Favorite

Comments

Subscribe to this thread:

Add a comment

More by The Statehouse File

Latest in Current Events

  • Pence may sue Obama over immigration order
  • Pence may sue Obama over immigration order

    Indiana Gov. Mike Pence said Thursday the state will consider suing the federal government to stop President Barack Obama’s new immigration policies from taking effect.
    • Nov 21, 2014
  • Indiana immigrants: ready for a new chapter
  • Indiana immigrants: ready for a new chapter

    More than 85,000 people living in Indiana could be touched by the executive order on immigration President Obama announced Thursday night, according to Pew Research estimates.
    • Nov 21, 2014
  • Donnelly honors Kassig on Senate Floor
  • Donnelly honors Kassig on Senate Floor

    Butler University to host public memorial service this weekend
    • Nov 20, 2014
  • More »

Feedback

Recent Comments


© 2014 NUVO | Website powered by Foundation