State tax revenues continued to decline during the month of April, dropping a half a percentage point compared to last year.***
Corporate and franchise taxes took the biggest hit, falling 19 percent for the month. Sales and income taxes were down 7 percent and individual incomes taxes dropped 4 percent.
State Budget Director Linda Luebbering noted that the individual income tax collections fell short of the already dire forecast. "It is likely that revenues will decline even more than the four percent decline anticipated in the consensus revenue estimate for Fiscal Year 2009," Luebbering said.
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