State tax collections down $1 billion in April as deep budget cuts loom

It’s another stunning sign of the economic impact COVID-19 has had on Georgia: State revenues saw a $1 billion drop last month.

The monthly revenue report showing a 35.9% drop in total revenues from last April was released Wednesday on the eve of renewed budget talks, with state lawmakers set to meet virtually Thursday.

The drop-off in state revenues is no surprise, and it is likely just the beginning of the grim months that lie ahead as the effects of the pandemic are felt in Georgia.

Legislators have already been told to plan to cut next year’s budget by 14% after struggling to find ways to trim 4% and 6% from this year’s and next year’s budgets, respectively.

Read more: https://georgiarecorder.com/brief/state-tax-collections-down-1-billion-in-april-as-deep-budget-cuts-loom/