Indiana on track to meet budget plan revenues after May tax returns

Indiana officials will soon close the books for the state’s 2024 fiscal year, which officially ended June 30. And the state headed into that final month on track to meet budget expectations.

Total tax revenues for May exceeded the state budget plan for the first time in four months.

This is despite sales taxes falling short of expectations for the 14th consecutive month. This fiscal year, tax revenues are nearly $89 million below forecasts.

LEARN MORE: Where does Indiana’s state budget funding come from?

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May, however, was boosted by stronger-than-expected tax revenues for both individuals and businesses. That put the state about $42 million ahead of budget through the 11 months of the fiscal year. That’s essentially on target, just 0.2 percent below projections.

Brandon is our Capitol Bureau Chief. Contact him at [email protected] or follow him on Twitter at @brandonjsmith5.