ATLANTA – The General Assembly will begin reviewing Gov. Brian Kemp’s budget proposals next week with some strong revenue numbers as a backdrop.
The state collected more than $3.2 billion in taxes last month, an increase of 7.5% over December of last year, the Georgia Department of Revenue reported Friday.
The December results closed out the first half of the current fiscal year with tax receipts up 6.5% over the first six months of the last fiscal year.
Despite the overall strength of December tax collections, individual income taxes fell by 6.5% compared to December 2021, driven by a rise in refunds issued and a decrease in payments.
Net sales tax collections increased by 7.5% last month, a sign of a strong holiday shopping season.
Corporate income tax receipts shot up by 108.9% in December, with the rise in payments issued far exceeding an increase in refunds issued to corporate taxpayers.
With the temporary suspension of Georgia’s sales tax on gasoline and other motor fuels still in effect last month, motor fuels tax receipts dropped by 104.2%. Kemp’s last order renewing the suspension of the tax expired this week.
This story is available through a news partnership with Capitol Beat News Service, a project of the Georgia Press Educational Foundation.