BRADENTON, Fla. — Georgia ended fiscal 2014 with net tax revenue collections of nearly $17.9 billion, an increase of $879 million or 5.2% compared to the previous year, Gov. Nathan Deal announced July 14.
The year-end figure includes June, the final month of the fiscal year, when the state collected $1.76 billion, an increase of $182 million or 11.5% compared to June 2013.
Four major categories saw tax revenue collections increase in the final month of the year.
Individual income tax collections totaled $885 million, up from nearly $791.5 million in June 2013, for an increase of $93.75 million or 11.95%.
Gross sales and use taxes increased $47.5 million or 6% compared to the same month the previous year.
Corporate income tax collections went up by $44.25 million or 28.2% compared to fiscal 2013 when those revenues totaled $156.75 million.
Motor vehicle tag and title fees totaled nearly $92.5 million for an increase of $5.5 million compared to last June.
Though revenues are climbing in Georgia, they still have not recovered to pre-recession peak level, according to an April 21 study of state revenues by the Pew Charitable Trusts called Fiscal 50: State Trends and Analysis.
Georgia's collections were 16.4% below peak levels by the second quarter of 2013, the study found.
"States are managing through a slow and uneven economic recovery and many have not yet returned to pre-recession revenue levels," Pew said. "Rising health care, education, and infrastructure costs are placing pressures on annual budgets."
