The state of Georgia saw its revenues fall by another 8.7 percent in January, the 14th consecutive month of decline, another sickening sign that the state’s economy has yet to recover.
Overall, the fiscal year that begin July 1 has seen the state collect 12.9 percent less in taxes and other revenues than the comparable 7-month period a year ago, a difference of more than $1.28 billion.
The news comes the day before lawmakers in the House Appropriations Committee are expected to adopt an amended 2010 budget that cuts $1.2 billion from the version approved by the Legislature last year. The amended budget was built around a revenue estimate from Gov. Sonny Perdue that is now obsolete, given the continued drop of tax collections in January.
The state did not build on December’s gains in individual income tax collections, which were up 6 percent over December 2008. In January, however, those collections were off 16 percent from January 2009. Sales tax collections fell 5.5 percent in January, while corporate income tax collections actually shot up 634 percent. That is the smallest pot of revenue of the three, however.
Individual income tax collections
January 2010: $772.11 million
January 2009: $918.91 million
Difference: 16 percent
Corporate income tax collections
January 2010: $23.64 million
January 2009: $-4.43 million million
Difference: 634 percent
Sales and use tax collections
January 2010: $884.98 million
January 2009: $936.21 million
Difference: -5.5 percent
Fiscal year to date (July 1-Jan. 31)
Overall tax collections: $8.69 billion
Same period a year ago: $9.98 billion
Difference: -12.9 percent
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