State revenues continue free fall

Georgia’s revenue collections fell another 18 percent in October, compared to the same month a year ago, as the state’s three main sources of tax income continued to collapse.

This marks the 11th consecutive month of declining revenues. Here is a look at the figures released Monday and how they compare to previous months and years.

Individual income tax collections

October 2009: $610.57 million

October 2008: $722.50 million

Difference: -15.5 percent

Corporate income tax collections

October 2009: $-4.9 million

October 2008: $23.55 million

Difference: -120.8 percent

Sales and use tax collections

October 2009: $397.96 million

October 2008: $486.74 million

Difference: -18.2 percent

Fiscal year to date (July 1-Oct. 31)

Overall tax collections: $4.65 billion

Same period a year ago: $5.49 billion

Difference: -14.8 percent

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10 comments Add your comment

dmac

November 10th, 2009
6:27 am

What’s with the -120% decrease in corporate tax recipts? Sonny and the legislature gave so many tax breaks to their business friends that the state actually saw negative cash flow?

I love how the teabaggers complain about Obama’s excessive spending but have nothing to say about the apparent give-aways to corporations in Georgia

[...] This marks the 11th consecutive month of declining revenues, according to my AJC colleague Aaron Gould Sheinin. [...]

dgroy

November 10th, 2009
9:54 am

Now, now boys……calm it down. Our state legislators are doing a fine, fine job in running our state, starting at the top with “Funny Sunny.” Just think, if we were to reduce our state employees and other expenses to balance the budget, we would be contributing to the unemployment rate increase…….we wouldn’t want to do that now, would we?…….that would make O and B look even worse than they already do. We need to pull together to get through this tough period……go out and spend money…..put it on your credit card……run up your bills :) We need action, now!!!!!

Bill

November 10th, 2009
10:50 am

I too am curious about the 120% drop in corporate income tax. $4.9M in payouts? What does this line item entail?

It's the Truth!

November 10th, 2009
3:36 pm

Come on Dan, what’s up with your descriptions of folks–who are you angry with yourself?

EsojOB

November 10th, 2009
7:22 pm

Look at the proportions: Corporate Income Tax last October (call it a ‘normal’ year) were 1.9% of the total collections. 1.9%!!! Personal Income Tax runs approx. 60% of the total collections…not counting the Sales Tax line. On the number of households…(3 million as of 2002), that number would be approx $203/household.
The Corporate – October 08 – tax similar number on 674, 521 “firms” (as of 2002) is $35/”firm”. That is almost 7 times!!! Why doesn’t this make sense?

Greed

November 10th, 2009
7:33 pm

The Republican leadership has almost accomplished it’s goal of destroying state government and public education and the state’s economy. The great bulk of GA’s lost jobs were construction jobs bulldozing every square inch of GA to build McMansions. Runaway, ruinous development (our so-called “economic engine” based on nothing but overwhelming greed and fostered by the Republican leadership who planted themselves on bank boards to loan our money to themselves and their cronies Now we are reaping what they have sown. Atlanta the most toxic city, highest bank failure rate, highest foreclosure rate, dying strip malls, derelict subdivisions, intelligent people giving up on ever having rational leadership in this state.
Just a bunch of zombies who haven’t had a productive or positive idea or contribution to society in their lifetimes, interested only in lining their own pockets, running state gov’t.

Base

November 11th, 2009
12:16 am

Thanks Sonny for trashing the state economy,transportation,employment,education,government,budget,and water and going on meaningless trips while the state goes over the cliff.What a leader.

Muscogee

November 23rd, 2009
11:45 pm

The corporate tax drop is scary, but less so if you look at the actual dollar figures. Overall, state revenues are off about 15 percent. Oh, and has the guv given up his private helicopter rides to work?

Dave

April 26th, 2010
5:01 pm

Wow, the Obama stimulus plan is really working. The liberals seem surprised tha high unemployment and fewer sales leads to lower taxes. Wait until everyone works for the government, then there will be no taxe revenue at all.