Published: August 07, 2009 01:27 pm      

Indiana tax collections down $76.5 million

INDIANAPOLIS — There’s more bad news on Indiana’s fiscal front.

Officials announced Thursday that state tax collections in July were down $76.5 million from a revised revenue forecast issued in May. That forecast already projected that revenues through June 2011 would be about $1.1 billion less than a forecast issued in April.

Total revenue collections in July were $867 million, 16 percent below revenue for the same month last year. Individual income taxes for the last six months are 20 percent below the same six-month period last year.

State budget officials said sales tax revenue has been consistently declining, which they say is no surprise given tightening consumer credit conditions and a dramatically higher personal savings rate.