State revenues flatten in August, up by only 1.9%

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Georgia’s revenue collections flattened out during August, increasing by just 1.9 percent over the same month last year, the revenue department reported.

It marked the third time in the past four months that the state’s monthly tax collections grew by 2.6 percent or less – which could be a troubling sign for legislators who will have to adjust a state budget that is based on anticipated revenue growth of 5.2 percent.

Tax collections for August were $1.32 billion, which was $24.6 million higher than August 2011. For the first two months of fiscal year 2013, revenues totaled $2.64 billion, which was an increase of $115.5 million, or 4.6 percent.

Individual income taxes, the state’s largest revenue stream, were virtually unchanged during August: $708.0 compared to $708.3 million for August 2011, an increase of just 0.2 percent.

Net sales tax collections grew by an anemic 3.1 percent: $446.8 million in August, which is $13.4 million higher than the $433.4 million for August 2011.

Corporate income tax collections actually had a bounce of 201.1 percent. In August 2011, the state had negative corporate income tax collections of $11.8 million, but that number was on the plus side at $11.97 million this year.

Motor fuel excise taxes were down by 4.3 percent as Georgians drove fewer miles and purchased less gasoline: $82.7 million in August compared to $86.5 million for August 2011.

© 2012 by The Georgia Report

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Tags: August report , state revenues