Georgia has collected more tax revenue through the first half of the fiscal year than it did the same time as last year, Gov. Brian Kemp’s office announced on Monday.
The state collected nearly $2.23 billion in tax revenue in December, 3 percent more than in December 2018.
To date, Georgia’s net tax revenue collections are about $11.85 billion, a 0.3 percent increase from the same time frame in fiscal year 2019.
The state saw increases in all of its tax revenue streams except motor vehicle tag and title fees.
Sales tax collections were 1.5 percent higher than in fiscal year 2019. Net sales and use tax collections decreased by $0.2 million. Gross sales and use tax collections were $15.4 million.
The adjusted sales tax distribution to local governments increased by 4.2 percent when compared to the last fiscal year at $524.1 million.
Individual income tax collections increased by $14.4 million, or 1.3 percent when compared to December 2018 while refund checks increased by $41.4 million. Individual income tax payments for the month were also up by 11 percent.
Net corporate income tax revenue collections increased by $66.5 million by the end of December.
Both corporate tax refunds and payments saw a spike.
The state issued $16.9 million more in refund checks and collected $67.9 million in refund payments.
Corporate income tax return payments were up by 68 percent.
Income taxes have a more negative effect on economic growth than sales and property taxes, according to the Tax Foundation.
That’s because income taxes rely on wages and savings, while consumption taxes fall on consumer spending rather than earnings, the study said.
Georgia finished 14th in Tax Foundation’s study that ranks how dependent states are on individual income taxes.