The Union Recorder

Local News

July 14, 2014

Georgia ends fiscal year with revenues up $879M

ATLANTA — A new report shows Georgia has ended the fiscal year with an increase in revenues of about $879 million, a 5.2 percent increase over the previous year.

Gov. Nathan Deal's office said Monday that Georgia's net tax collections for the fiscal year totaled nearly $17.9 billion, due in part to a large increase in corporate income tax collections. For the fiscal year, those corporate collections totaled $944 million, an increase of 18 percent over the previous year's total of $797 million.

Individual income tax collections also showed a modest increase of 2.4 percent.

Legislation eliminating the annual birthday tax in favor of a one-time auto sales tax resulted in a small drop in gross sales and use taxes and a substantial increase in motor vehicle fees.

 

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