Georgia's tax collections grew by 2.5 percent in May, the 11th consecutive month of gains.
Gov. Nathan Deal's office said Wednesday that net tax collections for the month increased $29 million compared with May 2010.
“Our revenue numbers continue to be above trend this month, and we are still well over where we were last year,” Deal said in a statement. “We’re encouraged by the positive trends, but we’ll continue to watch our numbers closely to ensure we maintain a fiscally conservative state budget.”
For the fiscal year that ends June 30, state revenue is up 8 percent, or $1.02 billion.
In May, individual income tax collections fell by 0.6 percent as individual payments fell 43 percent and state-issued refunds increased 32 percent. Sales tax collections, meanwhile grew by 4.4 percent. Corporate income taxes dropped nearly 33 percent in May while tobacco taxes increased almost 10 percent.
For the first year, all major revenue categories have seen increases, including a nearly 10 percent rise in individual income tax collections and a 6 percent rise in both sales taxes and corporate income taxes.
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