July revenue for Indiana falls $6.1M short of projections

INDIANAPOLIS (AP) - Tax collections data show revenue for the state of Indiana fell $6.1 million short of projections in July.

The information on revenue for the beginning of the fiscal year was released Monday. Tax collections were also $1.1 million lower than what the state brought in for July 2014.

The Indianapolis Star (https://indy.st/1KfzIxH ) reports the condition of the state’s tax collections will likely play a role as Gov. Mike Pence decides whether to pay off a roughly $250 million federal unemployment loan. If it’s paid off by Nov. 9, the state’s employers would save an estimated $327 million in penalties in 2016.

The state began borrowing from the federal government in 2008 to meet demands for unemployment amid the recession.

___

Information from: The Indianapolis Star, https://www.indystar.com