State tax collections increased 7.3% in November

[private]Georgia’s revenue collections grew by a healthy rate of 7.3 percent to $1.84 billion in November, according to figures compiled by the revenue department.

The total increase in tax and fee collections amounted to $124.7 million more than the same month a year ago.

The state’s two largest revenue sources were some of the main drivers for the increase: individual income tax revenues grew by $90.8 million (a 10.5 percent increase) while state sales taxes were up by $8.4 million (a 1.8 percent increase).

Corporate income tax collections grew by a whopping $7.3 million (a 42.8 percent increase).

For the first five months of fiscal year 2018, total state revenues have increased by $238.6 million to $9.04 billion, a 2.7 percent increase over last year.

© 2017 by The Georgia Report


Tags: Georgia revenue collections