Meacham: Tax Revenues Plunge 30%
State Treasurer Scott Meacham said today that general fund revenues plunged 30 percent below projections in February, led by a steep decline in income tax collections.
Overall revenues were $65.4 million, or 21.6 percent below February 2008.
Income tax collections were down 80 percent from a year ago.
“Collections in each of the four major tax categories were below the prior year and the estimate," said Meacham. "February collections are typically light, but this February’s collections were significantly lower.”
Meacham said the state will probably be able to meet its budget projections for the fiscal year ending June 30.
Overall revenues were $65.4 million, or 21.6 percent below February 2008.
Income tax collections were down 80 percent from a year ago.
“Collections in each of the four major tax categories were below the prior year and the estimate," said Meacham. "February collections are typically light, but this February’s collections were significantly lower.”
Meacham said the state will probably be able to meet its budget projections for the fiscal year ending June 30.
Labels: Scott Meacham, Tax Collections
posted by Mike McCarville @ 12:35 PM
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