Georgia’s net tax collections in April dropped by nearly 36%, Gov. Brian Kemp’s office said in a news release Wednesday, May 6.
Revenues were $1.84 billion, compared to $2.87 billion last year.
Year to date, revenues are at $19.23 billion, compared to $19.9 billion last year, the release says. That’s a drop of 3.4%.
The reductions “are largely attributable to the economic impact of the COVID-19 pandemic,” according to Kemp’s office.
Particularly affecting revenues is the shifting of payment deadlines related to motor vehicle, corporate and individual income tax.
Expecting a major blow to the state's economy and revenue collections due to the coronavirus pandemic, Georgia lawmakers in charge of the state budget sent a memo last week asking agencies to prepare for cuts of 14% across the board, totaling nearly $4 billion.
“While the Great Recession of 2008 was considered then to be a 'once in a lifetime' event, our current situation will certainly overshadow it," the memo says. "That is why this request is being made to ALL areas of the state budget with no exceptions."
See original story from the Gainesville Times here.