Sales tax revenue plummets
For immediate release:
Contact: Curtis M. Loftis, Jr.
Comptroller General’s Office
Sales tax revenue down sharply
S.C. Comptroller General Richard Eckstrom announced today that sales tax revenues for the month of October have fallen sharply from the previous year.
Sales tax revenues for October have plummeted 31 percent from October 2007, Eckstrom said.
The state collected sales tax revenues of $195,252,663 in October compared to $282,556,186 for the same month last year, a decline of $87 million. For the first four months of the fiscal year, sales tax collections are off 21 percent compared to the same period in 2007.
Sales tax collections typically provide almost 40 percent of General Fund revenues for state government.
“These troubling developments underscore Governor Sanford’s call for greater spending restraint, including a moratorium on new construction projects by state entities,” said Eckstrom.