GA Tax Revenues Up 0.7 Percent in December

An announcement was made today by Gov. Deal stating that Georgia’s net tax collections for December, 2016 totaled almost $2.06 billion, an increase of about $15.2 million (0.7%) from December, 2015. This brings the net tax revenue collections to $10.86 billion for the current 2017 fiscal year, which is up $414.4 million (4.0%) from last year.

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

Description Amount Collected Change From Dec., 2015 % Change
Individual income taxes $1.144 billion $768,000 0.1%
Gross Sales & Use Tax $874 million $43 million 5.2%
Net Sales & Use Tax $465.8 million $39.4 million 9.2%
Corporate income taxes $34.4 million -$37.3 million -29.8%
Motor Fuel Taxes $143.5 million $9.2 million 6.9%

A copy of the December, 2016 financial report can be seen at the Governor’s website.

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Charlie
Charlie

.7% isn’t a number to panic over if you’re writing the budget. At least it’s positive.

That said, the end of December number shows a 4% revenue growth. If annualized that’s a little over $800 Million in year over year revenue growth.

Recall from our “Billion Dollar Surplus” myth series that population + inflation means that the state needs to take in about $700 Million per year to keep the status quo.

https://www.youtube.com/watch?v=Ohqaj4VLYKg

Add in the 25% pay raises to law enforcement officers and…..y’all get out there and make some more taxable income, or spend more, mmmmkay?

Saltycracker
Saltycracker

Corporate income tax: our bidness friendly state and underpaid, over lobbied legislators might let bidness focus on their core activities, sales and growth, if all our government help got out of the way.