GA Tax Revenues Up 6.4% In January

An announcement was made today by Gov. Deal stating that Georgia’s net tax collections for January, 2016 totaled almost $2.05 billion, an increase of about $119.3 million (6.4%) from January, 2015. This brings the net tax revenue collections to $12.49 billion for the current 2016 fiscal year, which is up $1.02 billion (8.9%) from last year.

In addition, $67.4 million was generated for transportation in January due to changes implemented by House Bill 170.

The following is a breakdown of the January, 2016 revenues in comparison to January, 2015:

Description Amount Collected Change From Jan., 2015 Percentage Change
Individual income taxes $1.14 billion $83.1 million 7.9%
Gross Sales & Use Tax $1.03 billion $6.2 million 0.6%
Net Sales & Use Tax $557.5 million $13.2 million 2.4%
Corporate income taxes $34.4 million $18.4 million 115.7%

A copy of the January, 2016 financial report can be seen below the fold.

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Nice to see corporations step up to chip in their 1.2%!