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Not a Normal Year for Indiana Tax Collections or the Budget Process

COVID, an economic shutdown and the resulting delayed due date for income taxes have combined to make the monthly revenue numbers far out of line with projections and typical monthly intakes. First, with nearly everything closed, nearly everybody staying home and people being laid off, it was inevitable that income tax withholdings and sales tax collections would plummet. Then [...]

2020-09-18T15:03:19-04:00September 18th, 2020|

TOP STORY: May Tax Collections Match Bad Expectations

Poor state tax collections in April were a sign of what to expect in May. In April, with the economy shut down, sales tax revenues took a dive. And with income tax deadlines extended until July 15, the usual big April collections evaporated. In May, the economy was only beginning to reopen, and the income taxes were still not [...]

2020-06-12T11:29:23-04:00June 12th, 2020|