Georgia Revenues Continue to Plunge with Tax Revenues Falling 13.7% in 2009 Fiscal Year

Georgia's revenues continue to plunge. For the fiscal year that begun in July 2009, tax collections are reportedly down 13.7 percent, a decline of $1.1 billion. Governor Sonny Perdue has ordered state agencies to slash $900 million, with additional tax cuts possibly coming in the very near future.

Sales and corporate income taxes both continued to decline in December, sales taxes by 20 percent and corporate taxes by 23 percent, while personal income taxes rose 6.3 percent, which is viewed as an encouraging sign by some.

December's 13.7 percent drop is the 13th straight month tax collections in Georgia have dropped.

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