While March tax collections beat the state's revenue forecast, Indiana likely still will fall short of its annual revenue target when the 2014 budget year ends in June.
Last month, the state took in $1.03 billion. That's $14.5 million, or 1.4 percent, more than predicted. It's also $106.6 million, or 11.6 percent, more than Indiana took in last March.
Individual and corporate income tax revenue led the way with $330.5 million in individual income taxes topping expectations by $20.2 million, or 6.5 percent, and $82.1 million in corporate income taxes coming in $24.7 million, or 43.1 percent, higher than predicted.
However, sales taxes — the state's largest revenue source — failed to hit its target for the fourth time in the past five months.
Sales tax revenue totaled $521.6 million. That's $19.1 million, or 3.5 percent, less than expected, and just $100,000 more than last March even though more Hoosiers are working this year and presumably spending more money.
State Budget Director Brian Bailey said severe winter weather likely depressed March sales tax revenue growth as it has through much of the 2014 calendar year.
Weather also may have contributed to subpar revenue from taxes on riverboat casino wagers. The $39.4 million taken in the last month was $8.1 million, or 17.1 percent, below expectations.
Wagering taxes are down $64.7 million, or 21.4 percent, compared to the same nine-month period last year.
Overall, Indiana revenue is running $75 million, or 0.8 percent, below forecast through three quarters of the budget year.
State revenue likely will have to top expectations in April, May and June, or at least two out of three, to end the budget year at or above the revenue target used by lawmakers in crafting the state budget.
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