State Tax Revenue Increases by 8.5% from Last Year
The State of Georgia’s coffers are flush with cash after the state collected nearly $2.31 billion in taxes in the month of August -- a $180.4 million difference from August, 2021.
Driven in part by inflation and rising consumer spending costs, sales taxes - a major source of revenue for both the state and local governments - grew 11.9% from last August.
Tax collections aren’t the only factor in the state’s robust economic picture. Georgia has also seen a significant influx of federal COVID-19 relief funding, which incumbent Governor Brian Kemp has been allocating in large amounts in the last month as his campaign to win a second term heats up. Earlier this year, the governor used part of a record budget surplus to raise wages for state employees. Last month, Kemp unveiled a plan to utilize another $2 billion in the state’s budget surplus on rebates for some taxpayers.