State revenues grew some 5 percent for the month of March over 2011 and with three-fourths of the fiscal year complete, Georgia is on target to meet revised revenue projections. Revenues totaled $1.16 billion for the month producing $54.9 million in increased tax revenues.
Individual income taxes were up an encouraging 8.8 percent and net sales taxes were up 3.7 percent for the month. Motor fuel taxes were up a combined 21.7 percent or 9.0 percent in excise taxes by the gallon and 33.4 percent in sales tax collections for a total increase of $16.1 million for the month.
Corporate income taxes continued downward at -4.7 percent. Tobacco tax collections were up 15.8 percent and alcoholic beverages up 12.3 percent for the month.
At the three-quarter mark, revenues up 4.7 percent
Total revenues year to date are $11.7 billion, or an increase of $524.9 million for the first nine months. Individual income taxes are up $394 million, or 7.1 percent, and net sales taxes are up 5.4 percent, or $203.1 million YTD.
Motor fuel taxes are up 9.3 percent, or $64 million for roads and bridges for the fiscal year so far, with excise taxes down 3.8 percent and sales taxes up 21.6 percent.
After nine months, corporate income taxes show a 25.9 percent drop or some $125.7 million less in revenues. Corrected tobacco and alcoholic beverages numbers show increases of 3.9 percent and 2.7 percent, respectively.
So the YTD growth in revenues shows a 4.7 percent increase of enough to meet the budget projections with three months to go.
Inside the numbers show positive trends
Looking at trends in individual income taxes show that refunds are down by 129,000 and amounts of refunds are down over $155,000. Tax payments are up in number 39,000 and in amount $255,000.
In sales tax categories, only one category showed a decrease — utilities at -1.85 percent. All others were positive, with leaders being construction with an 18.3 percent increase, food at 7.2 percent and retail trade with 6.7 percent.
The corporate tax totals were negatively affected by refunds increasing by $113 million, or 73 percent, while payments were down some $24 million.
So, with nine months down and three to go, state revenues are meeting the latest targets.
Legislation passed by category/committee
Agriculture and Consumer Affairs
- Authorizes the Commissioner of Agriculture to require and collect a surety bond from anyone who owes the state fines or penalties.
HB 832 -
Gives the Commissioner the ability to negotiate Vidalia Onion trademark royalties’ fees and removes a set amount.
SB 114 -
Allows fruit growers to obtain a manufacturer’s or distiller’s license for the production of distilled spirits.
HB 685 -
Redefines a "vicious" dog and provides liability for injuries or damage caused by them.
Next week -
legislation that came through the Appropriations Committee.
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
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E-mail at Jack.Hill@senate.ga.gov
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