Ga. revenues drop in May

ATLANTA - Tax collections in Georgia plummeted in the month of May, dipping 31.1 percent from the year before.

For the fiscal year that's set to end June 30, revenues are down 0.1 percent.
Gov. Sonny Perdue says the sharp drop in May came, in part, because the state Department of Revenue improved its collections process the month before. That resulted in a jump in cash that month.

State money managers reported on Monday that tax collections were down in most categories.

Individual income tax collections were down 41.8 percent in May. Sales tax revenues are down 8.3 percent and corporate income tax dropped 32.8 percent.

The state's new fiscal year is set to start July 1.

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