A Weird But Banner Year for Georgia Revenues
Maybe we just chalk it up to the federal tax cut altering people’s behavior, or maybe the state just had a great holiday season and sluggishness since, but how can you argue with the year-end results of Georgia’s revenues? Here are the major points of the FY 18 fiscal year that ended June 30, 2018.
Total revenues for FY 2018 – $22.7 Billion
Overall increase over FY 2017 – 4.4 percent
Amount of increase in total revenues for FY18 over FY 17 – $961.3
Amount revenues for FY 18 that exceed the present amount budgeted – $343.8 million
Individual income taxes – Up 6.1 percent
Net sales taxes for FY 18 – up 3.6 percent
Motor fuel excise taxes and fees total – $1.99 Billion – up $63.1 million
Corporate income taxes – up $32.4 million, 3.3 percent
The balance of the numbers are mixed. Tag title and fees category is up 8.5 percent while title ad valorem taxes are negative at -$63.6 million, or 6.5 percent. Tobacco taxes are positive for the year at 1.9 percent and alcoholic beverages receipts are up 1.2 percent.
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