ATLANTA – State tax collections rose 1% last month over February of last year, keeping alive a string of consecutive increases in revenues that goes back eight months.
The Georgia Department of Revenue brought in more than $1.95 billion in taxes in February, up $19.8 million over the same month a year ago.
The various components that make up the state’s tax picture were volatile last month. While individual income taxes were down 6.8%, net sales taxes offset that by increasing 12.8%.
Corporate income taxes rose by 29.2% last month compared to February of last year.
Tax collections on gasoline and other motor fuels were up 2.3% for the month.
Tax revenues through the first eight months of the current fiscal year increased by a healthy 16% over the first eight months of fiscal 2021, as Georgia’s economy continues bouncing back from the coronavirus pandemic.
Gov. Brian Kemp and the General Assembly are taking advantage of the strong fiscal numbers by increasing state spending, including election-year raises for teachers, state workers and employees of the University System of Georgia.
This story is available through a news partnership with Capitol Beat News Service, a project of the Georgia Press Educational Foundation.