Georgia’s net tax collections for February were $765 million, an increase of nearly $50 million, or 7%, compared to a year ago.
In eight months of the current fiscal year, net revenue collections were $10.6 billion, an increase of $471 million, or 4.7%, over 2011.
“February’s numbers saw positive trends as we continue to move in the right direction,” said Gov. Nathan Deal. “With revenues up and unemployment down, Georgians have to like what they’re seeing, even though there’s still much work to do.”
Despite a busy start to the income tax refund season, Deal said Georgia’s net tax revenues held strong.
Gross tax revenues totaling $1.75 billion were up $151 million compared to last year.
Individual income tax collections for February totaled $235.75 million, up from $184.5 million in 2011, an increase of 27.8 %.
Net sales and use tax totaled $412 million, an increase of $37.5 million or 10%.
A number of large corporate income- tax refunds resulted in low net-corporate tax revenues, which declined $47 million, down 346%.