State revenues down in January 

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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.


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