Indiana released their missed tax revenue projections for the month of April and it wasn’t pretty. The state did not act surprised by this considering they delayed income tax revenue payments to July, which begins fiscal year 2021.
The unknown is how much they will actually be able to collect on the delayed payments due to state lock down protocols destroying the private sector.
Here is some key points on Indiana’s April tax revenue decline:
- Total decline of $964 Million
- $799 Million is “projected” decline from delayed tax payments
- $103 Million in missed sales tax collections. This will worsen next month
- Cigarette and alcohol sales tax collection was $4.6 Million MORE than expected
Source: Eric Berman/WIBC