Georgia finishes the fiscal year with 6.4% revenue growth

[private]Georgia state government, as it is constitutionally required to do, finished fiscal year 2015 in the black with some money left over that can be placed in the revenue reserve fund.

State collections of taxes and fees totaled $19.03 billion for the year, a 6.4 percent increase ($1.15 billion) compared to the $17.88 billion that went into Georgia’s coffers during fiscal year 2014, according to figures compiled by the revenue department.

That final amount included $1.82 billion in June’s revenues, a 3.1 percent boost from June of the previous year.

Individual income taxes, the largest revenue source for Georgia, were the pacesetter with 7.9 percent growth for the fiscal year to $9.68 billion. Corporate income tax collections grew by 5.9 percent to just over $1 billion.

Net sales tax revenues were $5.44 billion, a 5.2 percent increase, while motor vehicle tag and title fee collections provided $1.17 billion, an 8 percent growth rate.

Motor fuel tax revenues were largely unchanged at $1.02 billion, which was only 0.4 percent higher than the fiscal year 2014 collections.

© 2015 by The Georgia Report

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Tags: Georgia tax collections , revenue department