State revenues increase 6.8% in August

[private]Georgia’s tax collections grew by 6.8 percent in August, thanks mostly to a sizeable bump in personal income tax revenues.

August revenues totaled $1.69 billion, which was an improvement of $108 million over the same month last year, according to figures compiled by the revenue department.

For the first two months of fiscal year 2017, tax collections have been $3.29 billion, which is a 4.3 percent improvement ($134.7 million) over last year.

Personal income tax revenues increased by $75.9 million (9.5 percent) in August to $870.2 million while corporate income taxes were up by 4.2 percent to $20.4 million.

State sales tax collections were $475.2 million in August, a 4.7 percent increase over last year.

Motor fuel taxes, boosted by last year’s increase in the excise tax of 6 cents per gallon, continued to be a big contributor to state revenues in August, amassing $147.2 million.

© 2016 by The Georgia Report

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Tags: Georgia revenue collections