COLUMBIA, S.C. (AP) -- The South Carolina comptroller general's office says it overestimated the drop in state sales tax revenue for October by nearly $50 million because of old data.
The office sent out revised figures Friday that show the state collected $38 million less in sales taxes this October than it did in the same month a year ago. That means the decline is about 16 percent, not the 31 percent reported Thursday.
Officials say the original $87-million drop did not use updated data from the state Revenue Department.
The comptroller general also revised the drop in sales tax revenue for the past four months to nearly 14 percent, instead of the 21 percent reported Thursday.
The Board of Economic Advisors meets Friday to discuss the revenue decline.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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