Georgia’s net tax collection for August was 2.8 percent less than the same time in 2018, Gov. Brian Kemp announced Wednesday.
The state collected $1.75 billion in tax revenue in August, which is $50.3 million less than what was collected in August 2018. A fall in corporate tax collections and individual income tax contributed to the decline.
Corporate income tax collections were almost 71 percent lower than a year ago, coming in at $5.3 million, a drop of $12.7 million year over year.
Individual Income Tax collections for August were $59.3 million, or 6.3 percent, less than August 2018.
The August tax revenue news coincides with news that the set had a record-breaking year in tourism.
“With record-breaking years in global commerce and film, Georgia leads the nation as the best state for business for the sixth straight year,” Kemp said. “I applaud our economic development team for their tireless efforts to ensure Georgia remains a leader in job growth and the standard for a pro-business environment.”
Tax collections are projections are not all grim.
Net tax revenue collections as of August are about $3.59 billion – an increase of $5.4 million, or 0.2 percent, compared to the same time last fiscal year.
Last month, Kemp ordered state agencies to cut spending for fiscal year 2020 by 4 percent and fiscal year 2020 by 6 percent.
The proposed cuts are currently being reviewed by the Governor’s Office of Planning and Budget.
"By reducing waste and ending duplication in government, we can keep Georgia the best place to live, work, and raise a family," Kemp said.