(The Center Square) — Georgia continues to see increased revenues, as the state’s net tax collections for April increased 78.9% over a year ago.
The state took in more than $5 billion, an increase of $2.2 billion from a year ago. So far this year, net tax collections topped $27.5 billion, an increase of roughly 26.7%, or $5.8 billion, from last fiscal year.
Officials say year-over-year comparisons of tax collections are difficult because of the deferral of last year’s state tax filing deadlines for quarterly and annual income taxes.
Meanwhile, the state’s corporate income tax collections increased 56.9%, or $257.9 million.
The state’s gross sales and use tax collections for April surpassed $1.5 billion, an increase of 13.8%, or $187.1 million. Its net sales and use tax increased 12.9%, or $91.8 million.
The state’s motor fuel tax collections decreased by 39.5%, or $68.6 million. Gov. Brian Kemp previously signed House Bill 304 to suspend the state’s gas tax starting March 18 and running until the end of May.
A spokesperson for Kemp did not immediately respond to a request from The Center Square about whether the governor plans to explore options to extend the moratorium on motor fuel tax collections when it expires at the end of May.
This article was published by The Center Square and is republished here with permission. Click here to view the original.
