State’s fiscal year off to a fast start

[private]Georgia’s tax collections for the first month of the new fiscal year started off with a bang, registering a 7.1 percent increase ($113.4 million) over the total for July 2016.

Revenues for July totaled $1.72 billion, boosted by strong growth in individual and corporate income taxes as well as the state sales tax.

Individual income tax collections increased by 10.4 percent ($80.9 million) to $861.5 million while corporate income taxes grew by a whopping 205.6 percent ($13 million) to $19.4 million.

Net sales tax revenues were up by 5.1 percent ($24.7 million) to $508.8 million.

Motor fuel taxes, on the other hand, were relatively flat, showing a 0.1 percent decline to $146 million. Motor vehicle title and tax fees, along with ad valorem taxes, also decreased by 2.5 percent to $115.8 million.

© 2017 by The Georgia Report

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Tags: Georgia revenues