Georgia’s state tax revenues see 17% increase in November
ATLANTA - Georgia’s tax collections are running far ahead of what the state brought in last year.
The state ’s general fund collected $11.9 billion through Nov. 30. That’s about $1.7 billion ahead of last year’s pace.
Through the first five months of the 2022 budget year, the state is on pace to collect $28.5 billion. That’s more than $1 billion above what lawmakers designated for spending.
The state finished the 2021 budget year with a nearly $2.2 billion surplus even after the state’s rainy day fund was filled.
Republican Gov. Brian Kemp must decide how much he wants lawmakers to spend when he sets the revenue estimate in January.
Here’s a look at the revenues by category:
- Individual income tax: Collections for November totaled $1.22 billion, which was an increase of $195.4 million, or 19 percent, over last year.
- Sales and use tax: Collections increased by $208.6 million, or 18.6 percent, to a total of almost $1.33 billion, up from the previous year’s total of 1.12 billion.
- Corporate income tax: Collections decreased by $26.6 million, or negative-171 percent, compared to Fiscal Year 2021, when net revenues totaled $15.5 million in November 2020.
- Motor fuel taxes: Collections for November increased by $13.4 million, or 8.4 percent, from last year’s monthly total of $160.1 million.
- Motor vehicle tag and title fees: Collections for the month fell by $1.5 million, or -5.5 percent, compared to November 2020 when Motor Vehicle fees totaled $27.5 million. Title ad valorem tax collections increased by nearly $3.3 million, or 5.7 percent, compared to last year’s total of $57.5 million.
From reports by WRDW/WAGT and The Associated Press
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