May tax collections surge by 10.3%

[private]Georgia’s tax collections had their second consecutive month of strong growth in May, increasing by 10.3 percent over the same month last year, according to figures compiled by the revenue department.

May’s numbers totaled nearly $1.73 billion for an improvement of $161.5 million over May 2016.

For the first 11 months of fiscal year 2017, tax revenue collections are $19.79 billion which is $880.3 million (4.7 percent) better than last year’s total of $18.91 billion.

In the main revenue categories, year to date:

  • Individual income taxes have increased by $509.7 million (5.4 percent) this fiscal year to $10.02 billion. Corporate income tax collections are actually down by $24.3 million (3 percent) to $778.6 million.
  • Sales tax revenues are up $222.3 million (4.4 percent) to $5.25 billion for the year.
  • Motor fuel taxes have increased $84.7 million (5.6 percent) to $1.59 billion.
  • Vehicle tag and title fees have increased by $54.02 million (4.5 percent) to $1.26 billion.

© 2017 by The Georgia Report

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Tags: Georgia revenue collections