State revenues surge 12.6% in February

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Georgia’s tax collections bounced back from a slow month in January to register a 12.6 percent increase in February, according to figures compiled by the state revenue department.

State revenues for February were $943.7 million, which was a step up from the $838.1 million collected during February 2014.

For the fiscal year to date, Georgia revenues have grown by $676.4 million to the $12.4 billion level, an improvement of 5.8 percent over the same period a year ago.

Individual income taxes grew by a whopping 30.1 percent in February to $295.7 million, while corporate income taxes surged by 26.8 percent to $8.04 million.

State sales tax collections were up by 4.2 percent in February to $409.3 million. Motor vehicle tag and title fees increased 9.3 percent during the month to $101.5 million.

Even motor fuel tax collections, which have been sluggish in recent months, increased by 12.7 percent in February to $84.7 million.

© 2015 by The Georgia Report

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Tags: February 2015 , Georgia revenue collections