Monday, March 2, 2009

Mo' Money Troubles

Posted By on Mon, Mar 2, 2009 at 5:28 PM

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.

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