Monday, December 12, 2011

Indiana state government unearths $320 million in unknown tax revenue

By the CNN Wire Staff
updated 7:44 AM EST, Sat December 10, 2011

(CNN) -- Indiana's state government has discovered $320 million in funds it didn't know it had, money that officials stumbled across while enacting statewide belt-tightening measures.

"Christmas came early," Gov. Mitch Daniels said.

During a press conference Tuesday, Daniels cited a "programming omission" and modernized tax collection processes for unearthing the $320 million in corporate tax revenue. That money had been accumulating since 2007, but hadn't been accounted for in the state's operating budget.

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