“February’s revenue receipts are further evidence that our economy continues to suffer from the global economic recession.  All major categories of tax collections, with the exception of corporate income tax, appear to be well below original expectations derived in March of 2009.

It is important to point out that February is a particularly small month of collections ($266 million estimate) in comparison to the last several months of the fiscal year, but the fact that the collections fell 13 percent short of the Tax Commission’s estimate is cause for concern. 

The collections do not appear to be improving over a year after the passage of the so-called “$787 billion stimulus package” passed by the Congress and supported by the Obama Administration.

It is important that our Revenue Estimating Committee meet soon to update the revenue expectations for FY 2010 and FY 2011 given the lack of any positive movement.  It is clear to me that further revisions downward for 2010 and 2011 will continue to be likely.”