ebruary revenue results, showing a 7 percent overall increase over February 2011. Even though February is the lowest revenue month of the year, re-establishing the trend of increasing revenues month over month is important after two months of negative or flat growth. Individual income tax collections were up a whopping 27.8 percent, and net sales tax collections were up 10 percent. Motor fuel taxes were up overall 14.2 percent, with excise taxes up only 0.9 percent, but fuel sales taxes, due to rising prices, were up 27.1 percent. Corporate tax collections continued negative, showing a $47.2 million reduction. Tobacco taxes and alcoholic beverage numbers were skewed due to corrections being made, and real trend numbers will show up below in the year-to-date numbers. Year to date numbers So after eight months of the 2012 fiscal year, state revenues show an overall 4.7 percent increase, totaling $10.5 billion for that period, with a gain of $470.9 million. Individual income taxes show a 7 percent increase and sales taxes are up 5.6 percent YTD. Motor fuel taxes are up 7.8 percent overall for an increase of $47.9 million YTD, although the excise portion is negative at -5.3 percent. Corporate income taxes continue to sink, down $117.5 million for the year or 37.9 percent. After correction, tobacco tax collections show an increase of 2.5 percent and alcoholic beverages an increase of 1.7 percent. So, after the governor’s reduction in the 2012 revenue estimate, the state is on target to meet budget projections for the balance of this year. A flurry of activity as Crossover Day comes and goes — Senate accepts House general budget to review Below is a partial list of legislation passed by the Senate during the previous week, ending with the final day for Senate bills to pass this chamber and be considered by the House. From here on, the Senate will be considering House bills. Bills passed out of the Senate For a more complete list see http://www.senate.ga.gov/spo/en-US/UpperChamberReport.aspx SB 355 SB 288 – SB 356 - SB 386 SB 431 SB 312 SB 469 SB 350 SB 411 SB 459 SB 473 SB 493 If you would like additional information regarding a specific piece of legislation, you may access the Georgia General Assembly Web site at http://www.legis.ga.gov/. 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
Revenue report raises optimism