State revenues increase 2.5% in September

[private]Georgia’s tax collections grew by only 2.5 percent in September, with the miniscule bump in revenues caused mainly by anemic growth in state income taxes.

September revenues totaled $2.01 billion, which was an improvement of just $48.3 million over the same month last year, according to figures released by the governor’s office.

Individual income tax collections, the state’s largest revenue stream, increased by only $3.4 million (0.3 percent) to nearly $1.02 billion compared to September 2015.

Corporate income taxes were $183.5 million, a decrease of nearly $3.7 million (2 percent) compared to 2015, when they totaled $187.1 million.

For the first quarter of fiscal year 2017, tax revenues amounted to $5.31 billion, an increase of $183 million (3.6 percent) from last year when revenues were nearly $5.13 billion for the first quarter.

Net sales taxes were $466.3 million in September, which was $22.2 million better (5.0 percent) than September 2015.

Motor fuel tax revenues were nearly $152 million, an increase of $6.7 million (4.6 percent), and motor vehicle tag and title fees were up $0.7 million (2.4 percent), compared to September 2015.

© 2016 by The Georgia Report

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Tags: Georgia revenue collections