Georgia’s tax collections jumped another 10 percent in January thanks to growing individual and corporate income tax revenues, Gov. Nathan Deal’s office said Monday. But the recent gains aren’t expected to prevent another round of belt-tightening already under way at the Gold Dome.
The budget figures showed tax collections are up nearly $164 million compared to the same time last year. At the end of the fiscal year’s first seven months, net tax collections are up almost $564 million — or 5.7 percent — compared to the same point last year.
Yet Georgia’s still recovering from years of declining tax collections. Deal’s $19.8 billion budget proposal accounts for limited revenue growth, and it calls for $800 million in construction projects but no cost-of-living raises for teachers or state employees.
The revenue increase mirrors a similar surge between December 2012 and December 2011, reflecting a broader trend as the national economy rebounds.
The total tax collections were about $1.7 billion in January. Corporate income tax collections were up $18.25 million — an increase of 710 percent — compared with the same time last year. Individual income tax collections jumped about 16 percent from last January. Net sales tax collections in January ticked up slightly — to nearly $519 million from $518.5 million — from the same time last year.
