View Mobile Site
  • Bookmark and Share

News

Photo Gallery

A weird but banner year for Georgia revenues

POSTED: July 19, 2018 1:44 p.m.

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.

So, how are other states doing?
The phenomenon that followed the federal tax cut announce saw virtually every state show very positive results in December and January and consequently most SE states are winding up with a very positive year for the fiscal year ending in June. Additionally, the states that depend on oil revenues are doing much better as oil prices have spiked increasing to over $70 per barrel. Here are the states we have reports on at the present time:

Through June
➤ Georgia — 4.4 percent
➤ Alabama — 5.1 percent
➤ Texas — 10.4 percent
➤ Louisiana — 5.5 percent
➤ West Virginia — 1.9 percent
➤ Kentucky — 3.0 percent
➤ Arkansas — 2.7 percent

Through May
➤ North Carolina — 3.4 percent
➤ Florida — 5.2 percent
➤ South Carolina — 7.7 percent
➤ Tennessee — 4.4 percent
➤ Mississippi — 1.2 percent
➤ Virginia — 5.8 percent

Georgia gross domestic
product (GDP) growing
A recent report released May 4, 2018 shows the Percent Change in Real GDP in Georgia growth for 2017 to be higher than any state in the Southeast. Percent change in Real GDP grew 2.7 percent in 2017 over 2016 according to the Federal Bureau of Economic Analysis. The Southeastern states are shown below:

Growth
➤ Georgia — 2.7 percent
➤ Florida — 2.2 percent
➤ South Carolina — 2.3 percent
➤ North Carolina — 2.3 percent
➤ Virginia — 2.0 percent
➤ Tennessee — 2.5 percent
➤ Alabama — 1.2 percent
➤ Mississippi — 0.3 percent
➤ Texas — 2.6 percent
➤ Louisiana — -0.2 percent

Certainly some states are doing better in 2018 particularly in the oil producing and refining states. Generally all states have had a better revenue year this year than in past years. Georgia remains very consistently at the top or near top of Southeastern states.

I may be reached at
234 State Capitol, Atlanta , GA 30334
(404) 656-5038 (phone)
(404) 657-7094 (fax)
E-mail at Jack.Hill@senate.ga.gov
Or Call Toll-Free at
1-800-367-3334 Day or Night
Reidsville office: (912) 557-3811

COMMENTS

  • Bookmark and Share

No comments have been posted.

Login to post a comment

http://www.effinghamherald.net/ encourages readers to interact with one another. We will not edit your comments, but we reserve the right to delete any inappropriate responses.

To report offensive or inappropriate comments, contact our editor.

The comments below are from readers of http://www.effinghamherald.net/ and do not necessarily represent the views of The Newspaper or Morris Multimedia.
You must be logged in to post comments. Login ›

  • There are no articles found.
  • There are no articles found.
  • There are no articles found.
 


© Copyright 2018 Effingham Herald All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...