Published Friday, November 09, 2012

Georgia tax revenues up 4.8 percent for the fiscal year

ATLANTA (AP) – The Georgia Department of Revenue reports state revenue collections are up 4.8 percent over the previous fiscal year.

The report issued Friday comes four months into the current fiscal year. For October, total revenues climbed 6.4 percent over the same month a year ago.

The monthly report shows gains in individual income taxes and sharp increases in corporate income taxes. Those trends have been consistent since the fiscal year began July 1.

That suggests an upward trajectory for the Georgia economy. But other figures indicate consumers are still reticent to spend.

Sales tax collections remain only slightly higher than a year ago, while fuel taxes continue to lag. October saw a spike in vehicle transactions taxes, though that revenue is still below the pace of the last fiscal year.

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