Ga. tax collections balloon 16.7% in January

[private]Georgia’s tax collections, given a boost by the passage of the federal tax cut bill by Congress, ballooned by $368.2 million in January to $2.57 billion, a 16.7 percent improvement over last year.

The bulk of that growth came in individual income taxes, which were up by $342.3 million, a 27 percent increase. Individual withholding payments were up $98.1 million (9.7 percent) and estimated tax payments increased $199.1 million (81.2 percent).

Georgians in greater numbers were pre-paying their taxes early before the new federal tax law eliminates federal deduction on state taxes.

Gov. Nathan Deal said earlier this week he would work with the legislature on changes to the state tax code to offset the revenue windfall expected from the new federal tax law.

Corporate income tax collections increased by a whopping 56 percent to $47.95 million.

The state’s second-largest revenue source, the sales tax, grew by 3.3 percent to $587.4 million for the month.

Motor fuel tax revenues were flat, increasing by only $1.4 million to $145.9 million, an increase of just 0.9 percent compared to January 2017.

January revenues pumped up the numbers for the fiscal year to date: they have increased by 6.2 percent to $13.9 billion

© 2018 by The Georgia Report


Tags: Georgia revenue collections