State tax collections barely inched up in December as sales numbers improved but corporate income taxes plummeted, Gov. Nathan Deal reported Monday
Overall collections were up just 0.7 percent in December, or $15 million for the month. For the first six months of the fiscal year, collections are up 4 percent, which is enough to fund the $23.7 billion state budget lawmakers approved last winter.
Net sales tax collections improved 9.2 percent, a good sign for the Christmas shopping season. But individual income tax collections, the state’s largest source of revenue, were largely flat and corporate income tax collections were off 18.6 percent.
The latest report comes a few days before Deal is expected to release his proposed state budget for fiscal 2018, which begins July 1.
Tax collections have been increasing the past few years and Deal has been able to sock away $2 billion in the state's rainy day reserves.
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