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TexasTowelie

(111,288 posts)
Sat Nov 18, 2017, 01:29 AM Nov 2017

Larger than expected corporate income tax refunds deepen Indiana revenue woes

INDIANAPOLIS — The state's revenue hole grew another $29.5 million deeper in October, as Indiana unexpectedly paid out more money in corporate income tax refunds than it took in through corporate income tax collections.

October was the second month in Indiana's 2018 budget year, which began July 1, where net corporate income tax revenue was negative for the state, according to revenue data released Monday.

State Budget Director Jason Dudich said the issue is due in part to businesses timing when they pay Indiana's 6 percent corporate income tax, along with faster refund processing by the Department of Revenue.

Dudich also acknowledged that corporate income tax refunds overall are up $52.3 million, or 81.5 percent, compared to the same four-month period a year ago.

Read more: http://www.nwitimes.com/news/local/govt-and-politics/larger-than-expected-corporate-income-tax-refunds-deepen-indiana-revenue/article_aa8ad139-36ad-5382-a7f5-67252082ffed.html

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Larger than expected corporate income tax refunds deepen Indiana revenue woes (Original Post) TexasTowelie Nov 2017 OP
Following Kansas, eh? elleng Nov 2017 #1
It looks like most of the country is following Kansas. TexasTowelie Nov 2017 #2
;-( elleng Nov 2017 #3
Just the start. Wellstone ruled Nov 2017 #6
St. Joe County following or leading? elleng Nov 2017 #4
red state paradise Skittles Nov 2017 #5
Shucks...isnt that Pence territory....well golly gee willikers.... pbmus Nov 2017 #7
Our whole country will be in that mess if this tax cut passes blueinredohio Nov 2017 #8

TexasTowelie

(111,288 posts)
2. It looks like most of the country is following Kansas.
Sat Nov 18, 2017, 01:43 AM
Nov 2017

To the best of my recollection, I believe California is alone in expecting a budget surplus.

 

Wellstone ruled

(34,661 posts)
6. Just the start.
Sat Nov 18, 2017, 02:37 AM
Nov 2017

With GE in financial trouble,watch for closing of their Railroad Loco operations. And if the GOP's Tax nightmare becomes Law,kiss their Travel Trailer Industry good bye. Looking more like Kansas.

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