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."