State Tax Revenue Down $2.6B
Fiscal year 2009 state tax revenue fell 12.5 percent from 2008 to $18.3 billion, the state Department of Revenue reported.
That's a decrease of $2.6 billion compared to last year and $3.2 billion short of the department's original estimate for fiscal year 2009. The department revised its estimate down four times during the year. Total collections were still $177 million less than the department's last revision in May.
The department said income tax paid on capital gains, dividends and interest, settlements of large tax cases and withholding collections all fell dramatically during the year.
Corporate and business tax collections totaled $2.1 billion, down $450 million, or 17.6 percent, compared to the prior year. Sales tax collections totaled $3.9 billion, a $218 million, or 5.3 percent, decline.
Withholding tax collections declined $148 million, or 1.6 percent, and were $11 million below the yearly benchmark. Income tax collections fell by $1.9 billion, or 15.2 percent, to $10.6 billion, $45 million below the department benchmark.
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