The village of Groveport’s income tax revenues have been riding high in 2008, but in June the country’s harsh economy took a bite out of those receipts.
According to Groveport Interim Village Administrator Ken Salak, the village’s income tax revenues for June were $775,686, which is down $202,286, or about 21 percent, from June 2007.
"The downturn was due to corporate tax, which is income tax on corporate profits, being down," observed Salak at Groveport Village Council’s July 21 committee of the whole meeting.
However, in spite of the June decrease, the village’s income tax revenue for 2008 is still up 18 percent over this time in 2007. Groveport’s income tax receipts thus far in 2008 total $6.8 million compared to $5.7 million this time in 2007.
Prior to the June drop off, the village has posted record income tax revenues, including a whopping 58 percent gain in January and an eye-popping 59 percent gain in March over the same months in 2007.
Three times this year, monthly income tax revenues surpassed the million dollar mark, including $1.074 million in January, $1.277 million in March, and $1.526 million in April.
Much of the income tax revenue is generated from the village’s industrial parks around Rickenbacker Airport.