Preliminary information on taxes collected by the Department of Revenue (DOR) for the month of April, 2020, is now available. As anticipated, due to the corona virus pandemic and its impact on the economy, the April report indicates a significant reduction in collections. Tax collections in the month of April, 2020, were $1,145 million. This is $870 million below collections of April, 2019. And, for the 10 months of the current fiscal year, collections are $313 million below those over the same 10 months of 2018-19.....and there's worse to follow, as sales tax from April won't be reported until May....
Some corporate and individual tax revenues originally due 4/15 will not show up until 7/15 due to the change in due-date necessitated by the virus. So it's not quite as horrible as it seems. On the other hand, you can't spend what ain't there.
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