State revenues grow 12.3 percent in March

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Georgia’s tax collections surged by 12.3 percent in March to $1.32 billion, due largely to strong growth in individual and corporate state income taxes and a monstrous leap in revenues from the vehicle title tax.

That March increase pulled up the state revenue growth rate to 5.7 percent (a total of $13.05 billion) for the first nine months of fiscal year 2014, which was an increase of $704.9 million.

March’s spurt was triggered by the state vehicle title tax that took effect last year as the replacement for the state sales tax on vehicle sales.

Title tax revenues leaped by 198.9 percent (an increase of $60.8 million) to $91.4 million in March. For the fiscal year to date, the increase was 237.1 percent ($552.2 million) to $785.1 million.

Individual state income taxes were up by 13 percent to $477.5 million in March, an increase of $54.8 million. These collections have grown by 3.9 percent to $6.54 billion for the fiscal year, which is an increase of $245.3 million.

Corporate income tax collections increased by 22.3 percent in March to $213.9 million, an increase of $38.86 million. For the fiscal year, this category has grown by 26.8 percent to $628.13 million, an increase of $132.9 million.

Net state sales tax revenues, largely because of the implementation of the vehicle title tax, decreased by 2.4 percent in March to $416.96 million, a decline of $10.45 million. For the fiscal year to date, net sales tax collections are off by 6.2 percent to $3.82 billion, a drop of $251.2 million.

© 2014 by The Georgia Report

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Tags: Georgia revenue collections , March 2014