Contact: Steve Jensen: 860-702-3308/3301 Date: May 1, 2009
E-mail: Steven.Jensen@po.state.ct.us
Cell: 860-539-9298
ANEMIC APRIL TAX COLLECTIONS SPIKE DEFICIT TO $1.3 BILLION
State Comptroller Nancy Wyman today said that a sharp drop in end-of-year income tax payments has increased the 2009 budget deficit to $1.3 billion – a $289 million spike since last month.
The state typically collects about 20% of all total annual income tax receipts in the month of April. But as of April 29, final and estimated tax collections for the month were down by 40% from last year.
The payroll withholding portion of the income tax also dropped by about 14% for the month, driven by job losses that total nearly 60,000 since March 2008. Overall, the income tax is down by about 23% for the fiscal year that ends June 30.
“That means that more than a billion dollars that was budgeted will not be coming into the state coffers,” Wyman said. “With the end of the fiscal year approaching and barely a month to go in this legislative session, I urge the General Assembly to deal with this historic shortfall as quickly as possible.”
The severe revenue slide also extends to several other major categories, including the:
• Sales tax - down 24%
• Corporation tax - down 22%
• Taxes on oil companies - down 64%
• Real estate conveyance tax - down 52%
• Casino revenue - down 17%
ACCORDING FIRST SELECTMAN JOHN HODGE AND RON OLIVERI ~ NEW FAIRFIELD IS CAMELOT ... WE REMAIN UNTOUCHED, IMMUNE FROM THE ECONOMIC PROBLEMS! SO WE WILL CONTINUE TO SPEND, SPEND, AND SPEND SOME MORE!
The shortfall, based on an annual $18.4 billion budget, also means that the state will pay out about 20% more in tax refunds than was expected
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