Governor Sonny Perdue announced Monday that net revenue collections for the month of February 2009 (FY09) totaled $629,448,000 compared to $965,846,000 for February 2008 (FY08), a decrease of $336,398,000 or 34.8 percent.
The percentage decrease year-to-date for FY09 compared to FY08 is 7.3 percent.
Revenue numbers will be posted online shortly. Click here: georgia.gov March Press Releases.
Jack Hill’s take on the recent revenue numbers:
Increased Refunds Drive Sharp Drop in Revenues
The February state revenues continued a freefall, declining by $336M or 34.8%. State Revenue Department Officials stated that faster refunds were partially responsible for the drop, indicating that Georgians on unemployment might be filing income tax refund applications sooner in 2009 than they did in 2008.
Still the decline brought the year to date revenue decrease to $835M or -7.3%. The present revenue target is a minus 6.9% so the state is not even meeting the adjusted revenue goal. State income tax revenues were down $191M or a shocking 63.6%. Sales taxes were down 13.4% while the local sales tax distribution increased by 4.6%. Motor Fuel tax collections continued to decline to $21M or -25.4%. Year to date Income taxes have declined $463M or -8.0% while sales tax revenues are down 5.3% overall. Fuel taxes have declined $54M or -8.1% YTD.
Individual refund returns were up $127M in February. Individual withholding payments to the state were down $130M or -2.3% and estimated individual payments declined $155M or -21%.
All About Developmental Disabilities (AADD) is Atlanta's preeminent resource on developmental disabilities, providing support services to families for more than 55 years. We are often the one place where people with developmental disabilities can go to achieve personal empowerment, family stability and community participation. AADD provides family support; public policy and advocacy; and community engagement.
No comments:
Post a Comment