Georgia tax collections were up dramatically in April as income tax money flowed into state coffers and consumers upped their spending.
The 24.2 percent overall increase in April all but assured the state of meeting its budget for the fiscal year, which ends June 30
Tax collections had been off for three months before making a comeback in February.
Income tax collections were up more than 40% and net sales taxes 5.6% from April 2018. The two taxes make up the majority of state collections. Strong income and sales tax collection are typically seen as good signs for the economy.
For the first 10 months of the fiscal year, overall collections are up 5%, more than enough to keep the state on track to meet its budget.
Even if collections don't maintain that pace, Gov. Brian Kemp has a cushion, since his immediate predecessor, Nathan Deal, left reserves of $2.5 billion.
About the Author
