INDIANAPOLIS (AP) — Indiana’s punishing winter weather is taking a bite out of the state’s revenue stream.
State budget officials said Friday that Indiana’s January revenue totaled $1.33 billion. That’s $38.3 million, or nearly 3 percent, below the January revenue forecast.
State Office of Management and Budget director Chris Atkins tells The (Munster) Times the frigid, snowy winter’s full impact on commerce and tax revenue likely won’t be known until March or April.
Nearly every state revenue category failed to hit its January target, including sales taxes and personal income taxes, which are Indiana’s two largest revenue sources.
House Speaker Brian Bosma says the state’s revenue woes make him hesitant in deciding whether to push ahead with plans to reduce the state’s business personal property tax and corporate income tax rate