State revenues continue upward climb, rise 5.6 percent in September
Georgia's net tax collections in September rose $80.6 million, or 5.6 percent, over the same month in 2010, Gov. Nathan Deal's office said Friday.
For the first three months of the fiscal year, state revenues improved 7.2 percent over 2010.
"This is the fifth straight quarter of positive net revenue growth over 3.8 percent," Deal said in a statement. "While the continued trend of year-over-year growth for a third consecutive month is certainly a positive sign, we will continue to work tirelessly to promote job growth and maintain a conservative state budget."
Deal said he remains "optimistic" about the state's economic outlook.
September saw net tax collections of $1.5 billion, an increase of more than $80 million over 2010. For the first quarter, which ended Sept. 30, revenues topped $4.1 billion, or $272 million more than last year.
Other highlights from September include:
- Individual income tax collections were up just 2.6 percent, from $792 million in September 2010 to $812 million last month.
- Sales tax collections were up $29 million to $441 million, a 7.1 percent increase.
- Corporate income tax collections jumped nearly 25 percent, to $1.33 million from $1.08 million in 2010.
The current growth in tax collections will help re-fill reserves, which were depleted during the recession. But economists and budget analysts have say it will take years of growth to make up for previous spending cuts and to be able to pay for the increasing costs of education and health care in a growing state.
