State revenues rebound slightly in March

[private]After plunging nearly 6 percent in March, Georgia’s tax collections rebounded slightly in March to show a 2.1 percent increase, according to figures compiled by the revenue department.

The small increase was fueled almost entirely by growth in individual income tax collections: they shot up by a whopping 20.2 percent during the month, from $610.2 million to $733.7 million, a $123.5 million difference.

Nearly every other revenue source was flat or down for the month.

Corporate income tax collections plummeted 46.1 percent to $96.9 million, a decrease largely attributed to a revision in IRS rules that changed the corporate income filing date from March 15 to April 15.

Sales tax revenues were unchanged for the month at $435.2 million, while there were small decreases in motor fuel tax collections (down 2 percent to $131.9 million) and vehicle title tax revenues (down 2.8 percent to $110.7 million).

For the fiscal year to date, total revenues are $15.8 billion, a 3.5 percent increase ($530.9 million) over last year’s figure.

© 2017 by The Georgia Report

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Tags: Georgia tax collections