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Thu March 12, 2009
Mich. revenue decline in Feb. worse than expected
Lansing, MI – LANSING (AP) - The Senate Fiscal Agency says state coffers are taking an even bigger hit than expected as tax revenues fall.
According to the agency's February report released Wednesday, tax collections for the month fell almost $100 million short of earlier estimates.
SFA senior economist Jay Wortley says the decline was "much worse than expected."
The national recession has worsened Michigan's economic woes, pushing unemployment up to 11.6% and causing residents to cut back on spending, which hurts state revenues.
The state actually paid out more in income tax refunds than it received last month, the first time that has happened since 1993.
Sales tax collections fell nearly 18%, the steepest monthly
decline in 25 years.