Georgia collected $55 million more in taxes in March than it did a year ago, Gov. Nathan Deal's office said Monday.
That 5 percent increase helped close the third quarter on an upswing. For the fiscal year, which began July 1, net revenue collections were $11.7 billion, a 4.7 increase over the same period in 2010-11.
"Though there is still a lot of room for improvement, this upward economic growth pattern alongside several other solid economic indicators proves we are moving in the right direction," Deal said in a statement.
For the month of March, individual income taxes were up $388 million, or a robust 8.8 percent. Deal's office said individual income tax payments shot up more than 46 percent compared to March 2011, while refunds were down 6.1 percent.
Sales taxes for the month were also up 3.7 percent, while corporate income taxes fell 4.5 percent as corporate tax refunds increased 102.5 percent and estimated tax and payments fell $56.5 million.
About the Author
