Indiana has taken in too much in taxes, requiring the state to return money to Indiana income taxpayers. Under a law passed in 2011, if the revenue surplus at the end of the fiscal year (June 30) exceeds 12.5% of annual expenditures, half the overage is diverted to pension stabilization and the other half returned. The combined balances are [...]
Indiana has taken in too much in taxes, requiring the state to return money to Indiana income taxpayers. Under a law passed in 2011, if the revenue surplus at the end of the fiscal year (June 30) exceeds 12.5% of annual expenditures, half the overage is diverted to pension stabilization and the other half returned. The combined balances are [...]
Review the monthly revenue collections over the last several years and you will note that they tend to fluctuate above and below the budget projections. Typically, they balance out and come pretty close to the annual projections by the end of the fiscal year. That said, three months into this fiscal year, collections are up – by $113 million [...]
