Tax collections in Georgia shot up in February, as revenues increased by more than 26 percent compared to February 2010.
“Signs continue to suggest that our state economy is rebounding strongly, and we’ll continue to work at the state level to see that this growth translates into new job opportunities for all Georgians,” Gov. Nathan Deal said in a statement.
The state brought in more than $715 million in February, a $148 million increase over the same period a year ago. For the fiscal year, which began July 1, state revenue collections are up $852 million, or 9.2 percent.
Individual income tax collections, the state's largest source of revenue, increased 106 percent in February to $185 million.
Deal's office warned, however, that while there was significant growth, a large part of the increase is the result of an accounting change. The federal filing date for submitting an itemized individual return was pushed back two weeks to Feb. 15, which has resulted in a two-week shift in refunds. The state expects to issue more individual refunds in March.
Sales tax collections in February, meanwhile, increased nearly 10 percent, while corporate income taxes grew by more than 190 percent, or $9 million.
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