Published Friday, December 07, 2012

State tax revenues for November lower than in 2011

ATLANTA (AP) – The Georgia Department of Revenue reports state tax collections in November were down 1.1 percent from the same month a year ago. Total state revenues for the month were down by a slightly lower 0.7 percent.

That reverses an upward trend send for most of the fiscal year that began July 1.

Individual income taxes are still exceeding their 2011 levels, but corporate income tax saw a significant drop compared to last year. Both figures had been strong in previous months.

Despite the holiday shopping season, sales taxes were down in November.

Even with the November dip, total tax receipts through the first five months of the fiscal year are up 3.3 percent, while total revenues are up 3.7 percent.

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