Georgia’s revenue picture has improved for a sixth straight month, with encouraging signs popping up just before Christmas, new state records show.
Gov. Sonny Perdue’s office released figures Monday that show November revenue collections were more than $1.26 billion, compared with $1.18 billion in November 2009, an increase of 6.7 percent.
For the 2011 fiscal year, which began July 1, collections are up by 7.4 percent over the same five months of last year. The state budget for fiscal 2011 was predicated on a 4 percent growth in tax collections.
“All in all, it is generally good news,” state fiscal economist Kenneth Heaghney said. “Obviously, we still have a very long way to get back to where we were at the peak prior to this recession. But at least we are moving forward and generally improving. The basic report is very positive. But the issue is: Can we sustain that for the full fiscal year?”
Corporate income taxes posted exceptional figures, growing by $4.1 million, or a whopping 175.9 percent. Individual income taxes also grew substantially, increasing 6.5 percent or $40.1 million. Sales tax collections boosted the growth as November saw the state bring in $5.4 million more in sales and use taxes than a year ago.
Below is a closer look at November’s revenue report.
Individual income tax collections
November 2010: $661.8 million
November 2009: $621.7 million
Difference: 6.5 percent
Corporate income tax collections
November 2010: $6.4 million
November 2009: $2.3 million
Difference: 175.9 percent
Sales and use tax collections
November 2010: $394.6 million
November 2009: $389.2 million
Difference: 1.4 percent
Fiscal year to date (July 1-Nov. 30)
Overall tax collections: $6.2 billion
Same period a year ago: $5.8 billion
Difference: 7.4 percent