A new report from state budget experts shows a precipitous drop of nearly 31 percent in income-tax collections in January.
Overall, the latest numbers from the Joint Legislature Budget Committee show that January’s revenues–which also include sales and corporate income taxes–dropped by 21.9 percent compared to January 2008. The total revenues were nearly $82 million below forecast.
The report notes that the drop is especially calamitous when you consider that revenues in January 2008 had dropped 14.4 percent compared to January 2007. The two-year decline totals 36.6 percent.
We’ll have more in this week’s dead-plant-matter edition of the Tucson Weekly.
This article appears in Feb 26 – Mar 4, 2009.
