Georgia's bank account grew by 7 percent in February as tax collections for the month rose nearly $50 million over February 2011, Gov. Nathan Deal's office announced Thursday.
Through eight months of the fiscal year, net tax collections have reached nearly $10.6 billion, 4.7 percent compared to the same period a year ago.
“February’s numbers saw positive trends, as we continue to move in the right direction,” Deal said in a statement. “With revenues up and unemployment down, Georgians have to like what they’re seeing, even though there’s still much work to do.”
For the month:
Net individual income tax collections increased $51.25 million or 27.8 percent to $237.75 million.
Sales and uses tax collections grew $37.5 million, or 10 percent, to $412 million.
Corporate income tax collections actually fell $47 million from $13.75 million in February 2011.
Deal's office said the decline in corporate taxes were a result of an especially busy month for corporate tax refunds and that estimated corporate tax payments were down.
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