INDIANA  –  Indiana missed  the state’s April revenue projections by nearly $1 billion.

December projections estimated the state would receive nearly $2.2 billion in April, usually the biggest revenue month because of taxes. Totals for April came in at $1.2 billion, or 44% lower than estimated and 46% lower than revenue for April 2019.

Individual income taxes were 58%, or $669 million, below estimates while sales tax collections were 15%, or $103 million, lower than projected.

Officials say that extending the income tax filing deadline from April 15 to July 15 was responsible for roughly 80% of the shortfall which totaled about $800 million.

Gov. Eric Holcomb said earlier the state would distribute $300 million to local governments, a portion of the $2.4 billion it received in federal relief aid to combat the virus. That move is to help local governments cover the shortfall.

 

 

Image-by-Stephen-Bayer-from-Pixabay