State revenue continues to rebound as collections rise in January
The Atlanta Journal-Constitution
State tax collections increased by 8 percent in January, the eighth straight month of growth.
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For the fiscal year that began July 1, tax collections are also up 8 percent to $9.4 billion.
"Our state continues its recovery, as many Georgians who have suffered during this downturn return to employment and begin paying taxes again," Gov. Nathan Deal said in a statement.
The revenue uptick has been driven by jumps in individual income tax and sales tax collections. Income tax revenue rose by 12 percent compared with January 2010, and sales tax collections grew 1.2 percent. Revenue from corporate income taxes grew by $1 million, or 0.3 percent.
There are remaining sectors, however, that have yet to show signs of a rebound. For the fiscal year, sales tax collections on home furnishings are down 3.1 percent, and manufacturing sales taxes revenue is down almost 10 percent.
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