Indiana Tax Receipts Fall In January

Indiana tax collections in January were $75 million below projections.

Gov. Mitch Daniels says individual income and corporate tax receipts continue to reflect an ongoing weakness in the overall economy.

“(It)underscores yet again how essential it is that the legislature help us to control spending and that we be as careful as we possibly can be until we see revenue that allows us to pay for what we’d all like to pay for, Daniels said.

Daniels wants the General Assembly to pass several bills that he says would save the state about $70 million.

One would combine the administration of two retirement funds.

Daniels has already called for various spending cuts to keep pace with revenue shortfalls in the current two-year budget.