Georgia’s tax collections surged almost 10 percent in December, fueled by strong growth in individual income tax and sales tax revenues, Gov. Nathan Deal’s office said Wednesday.
The increase was welcome news as Deal’s aides are preparing a budget that will be presented to lawmakers during the legislative session that begins Monday. But the gains aren’t expected to be enough to stave off a new round of belt-tightening. Deal has already ordered state agencies to come up with $553 million in budget cuts this year and next.
“The forecasts have not been up to our expectations this fiscal year,” Deal said. “And we don’t want to be in the position of running short.”
The revenue increase is meatier than others seen in recent months, but reflects a broader trend in light of the rebounding national economy.
The total tax collections were about $1.7 billion in December, an increase of $150 million compared with December 2011. Tax collections are also up 4.9 percent, or $400 million, over the first six months of the fiscal year compared with the previous fiscal year.
Individual income tax collections were up almost 12 percent in December compared with the same time last year, and sales tax revenue shot up 9.6 percent during that span. Corporate income tax collections also increased about 8 percent during that time period.
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