New fiscal year is off to a fast start

[private]Fiscal year 2016 got off to a fast start for state government, with revenue collections in July showing a 6.1 percent increase over the same month a year ago.

Net revenues totaled $1.58 billion for the month, which was a $131.8 million improvement over the July 2014 collections.

Individual income taxes jumped by 9.0 percent to $838.6 million while corporate income taxes declined by 16.2 percent to just $22.2 million.

Net sales tax revenues $472.1 million, which was 4.5 percent better than last July’s total of $451.7 million.

Motor vehicle fees grew by 9.3 percent to $105.7 million. Motor fuel tax collections increased by 4.5 percent to $90.1 million.

© 2015 by The Georgia Report

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Tags: Georgia revenue collections