In July, the first month of fiscal 2012, triple-A rated Georgia saw net tax collections of $1.2 billion, an increase of 7.3% over the same month a year ago. Officials saw increases in many tax categories.
“The first month of this fiscal year has continued the trend of year-on-year comparison growth,” Gov. Nathan Deal said. “I am encouraged by the results but will watch Georgia’s revenue numbers closely to ensure we maintain a conservative state budget. There’s much uncertainty in the market at the moment and I’m committed to preparing our state government for whatever the global economy throws our way.”
Individual income tax collections totaled $656.5 million, up from $536 million a year ago for an increase of $120.5 million or 22.5%. Sales and use tax collections reported a net decrease of $5 million or 1.1%.