State revenues rebound in September with positive growth

[private]After experiencing a month of negative growth in August, Georgia’s tax collections rebounded in September to show a 3.1 percent increase, according to revenue department numbers.

Net revenue collections for September totaled $2.076 billion, an increase of $62 million over September 2016.  Revenues for August had actually decreased by 0.2 percent.

For September, individual income tax collections were $1.05 billion, which was a 3.6 percent increase over the same month last year, while corporate income tax collections grew 8.8 percent to $199.5 million.

The state’s second-largest source of revenue, the sales tax, increased by 3 percent in September to $480.5 million.

Motor vehicle tag and titles fees, which had been a source of growth for several years, plummeted by 8.6 percent in September to $113.2 million.

For the first quarter of fiscal year 2018, total state revenues increased by 3.2 percent to $5.48 billion.

© 2017 by The Georgia Report

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Tags: Georgia revenue collections