Today’s press release details Georgia’s net tax collections of $1.32 billion in July, up $91 million (7.4 percent) from July 2011.
That headline number is pretty good, but some of the details aren’t so encouraging.
Individual income tax revenues rose 6.3 percent year-over-year to about $698 million, which indicates higher aggregate wages in the state. But gross sales tax collections increased only 0.9 percent to about $860 million. After sales tax distributions to local municipalities and other adjustments, the total was up a modest 3.1 percent year-over-year.
In the first post-T-SPLOST tax collections report, motor fuel taxes fell from about $85.6 million in July 2011 to $80.1 million in July 2012.
In July 2011, the state actually refunded more tax money back to corporations than it collected in revenue. This year, that $24.1 million loss turned into a $17.9 million net gain in tax collections.
Click here for the entire press release and to look at all the data.
Last month’s collections were just slightly above July 2007. In that month, individual income tax collections totaled about $609 million (well below this year’s total) while gross sales tax collections totaled $946 million (10 percent higher than this year’s total).
Article source: http://www.peachpundit.com/2012/08/09/state-revenues-up-in-july-but-plenty-of-room-for-worry-in-the-numbers/
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