From the Evansville Courier & Press:
Indiana’s total tax receipts in January topped $1.4 billion, which is higher than predictions and more than the state received during the same period last year, according to a monthly revenue report released Wednesday.
Gov. Mike Pence called the numbers “encouraging.”
He said the revenue is ahead of the projections his team used to craft a two-year state budget proposal that includes a 10 percent income tax cut. That puts Indiana in an “enviable position to fund our priorities and reduce taxes,” he said.
Total tax collections in January were $110.6 million more than collections for the same period last year. Sales tax and individual income tax collections were higher than last year, although sales taxes fell below targets.
State Budget Director Chris Atkins said that in the first seven months of the 2013 fiscal year, state general fund revenues have increased 4 percent, more than double the projected rate. He said that puts the state $176 million ahead of the forecast.
Corporate income tax collections were also higher than projected. The revenue forecast predicted a decrease of 2.6 percent in collections during the 2013 fiscal year, but actual collections have increased 12.8 percent in the first seven months of the fiscal year.
Atkins acknowledged that a delay in the acceptance of returns by the IRS caused a temporary increase in individual income tax revenue and that the state expects “the surge in January individual income tax revenues to be offset by a corresponding decrease in February.”
Still, Pence said he’s confident the state’s revenue will remain strong.
http://www.courierpress.com/news/2013/feb/06/no-headline---taxreceipts/
