Post by Logan on Jun 10, 2016 18:28:39 GMT -6
Georgia saw a $58.6 million increase in net tax revenues from a year ago in May, marking a growth of 4.1 percent from last year, Gov. Nathan Deal announced on Monday.
The governor said the net tax collections rang up to about $1.56 billion last month. It continues an ongoing trend in growing revenues for the state, which has seen year-to-date growth of 9.9 percent, or $1.7 billion, from the total seen in May 2015. Georgia’s current year-to-date net tax revenue totaled $18.91 billion through last Monday.
As has been the case since last summer, a large chunk of the revenue increase has come from tax reforms and new tax legislation, particularly the state’s reconfigured gas tax, that went into effect last July. Transportation revenue generated last month totaled $72.7 million, which is up 9.2 percent from a year ago.
At the same time, individual income tax revenue was up 4.8 percent, or $33.6 million, to total $740.8 million. Income tax withholding payments were up 10.1 percent, although income tax refunds were up 45.4 percent as well.
Read more: www.gwinnettdailypost.com/news/state/gov-nathan-deal-says-tax-revenues-up-more-than-percent/article_cc37e7eb-d397-531b-8e1c-d929b5d2c802.html
The governor said the net tax collections rang up to about $1.56 billion last month. It continues an ongoing trend in growing revenues for the state, which has seen year-to-date growth of 9.9 percent, or $1.7 billion, from the total seen in May 2015. Georgia’s current year-to-date net tax revenue totaled $18.91 billion through last Monday.
As has been the case since last summer, a large chunk of the revenue increase has come from tax reforms and new tax legislation, particularly the state’s reconfigured gas tax, that went into effect last July. Transportation revenue generated last month totaled $72.7 million, which is up 9.2 percent from a year ago.
At the same time, individual income tax revenue was up 4.8 percent, or $33.6 million, to total $740.8 million. Income tax withholding payments were up 10.1 percent, although income tax refunds were up 45.4 percent as well.
Read more: www.gwinnettdailypost.com/news/state/gov-nathan-deal-says-tax-revenues-up-more-than-percent/article_cc37e7eb-d397-531b-8e1c-d929b5d2c802.html