Arizona has 1st single-digit revenue drop since '08

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PHOENIX (AP) -- Arizona state government's revenue slide could be bottoming out.

The Legislature's budget staff reported Friday that January revenue collections were only 2 percent less than last January. That's the first single-digit decrease from one year to another since September 2008.

The budget staff also reported that January revenue collections for the state general fund topped the forecast by $14.2 million. But that forecast was recently adjusted downward, so it's easier to meet the new forecast.

Sales tax collections were down nearly 11 percent in January from a year before, while individual income tax collections were down 1.6 percent. A spike in corporate income tax collections was the main reason that January revenues were higher than expected.

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