Thursday, May 04, 2006

Paying the Bills

The Star touches on the State's April tax revenue.

Indiana experienced a “monster month” in tax collections in April, Gov. Mitch Daniels said today, with revenue coming in $206 million more than projected in the state’s most recent forecast.

Daniels said about 40 percent of the jump could be attributed to the Department of Revenue processing tax returns faster.

“But after you back that effect out, there’s no missing the point that we’ve had a monster month,” Daniels said. “This reflects, as it sooner or later had to, the strength of the Indiana economy.”Daniels said the biggest increases were in individual income taxes and corporate income taxes, signs that more people are working and business investments are up. Sales taxes also were greater than expected, exceeding the April target by $22.5 million.

With two months left in state government’s budget year, tax collections are nearly $300 million above the revised forecast that was issued in December. They are about $215 million more than earlier projections lawmakers used when they wrote the current $24.3 billion, two-year budget that began last July and ends next summer.

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