Revenue growth slowed in January

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Georgia’s tax collections cooled off a bit in January, growing by just 3 percent to $1.86 billion compared to the January 2014 numbers.

For the first seven months of the current fiscal year, the state’s total revenues are $11.47 billion, a $570.7 million improvement (5.2 percent) over the total for the same period last year, according to figures compiled by the revenue department.

The state’s largest revenue source, individual income taxes, declined by 1.2 percent in January to $1.06 billion but is still up by 5.6 percent for the fiscal year. Corporate income taxes increased by 13.9 percent to $15.9 million.

Sales tax revenues boomed by 9.1 percent in January, reaching $544.3 million. For the fiscal year, net sales tax revenues are up 6.4 percent to $3.21 billion.

Motor vehicle tag and title fees also jumped by 16.6 percent in January to $99.4 million; for the year, this revenue has increased 7.2 percent to $643.9 million.

Even with a sharp decline in the retail price of gasoline, motor fuel tax collections slumped by 1.2 percent in January to $86.2 million. For the fiscal year, motor fuel revenues have declined by 2.3 percent to $587.2 million.

© 2015 by The Georgia Report

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Tags: state revenues , tax collections