State revenues take small dip in August

[private]Georgia tax collections had an anemic month as they dipped by 0.2 percent in August to $1.69 billion, which was nearly $4 million below the figure for August 2016.

The state’s largest revenue source, individual income taxes, was down by $7.8 million in August to $862.4 million. Corporate income taxes also plunged by $5.9 million to $14.5 million.

State sales tax collections, the second-largest source of revenue, was also down by $11.2 million to $463.9 million.

There were increases of $6.7 million in motor fuel taxes to $153.9 million and $4.9 million in motor vehicle title and tag fees to $120.2 million.

For the first two months of fiscal year 2018, state revenues are running 3.3 percent better than last year at $3.4 billion.

© 2017 by The Georgia Report

[/private]

Tags: Georgia tax collections