GA’s tax revenues increases by nearly 10% from last year
The Peach State is seeing green after collecting almost $3.1 billion in taxes in the month of September -- $279.2 million more than in September 2021.
Rising inflation rates and consumer spending costs contributed to a 14.3% increase in sales tax revenue over the last year -- providing a major influx of revenue for state and local governments.
Sales taxes are not the only source for the state’s burgeoning budget. Georgia’s businesses appear to be shaking off the economic effects of the pandemic, as corporate tax revenues grew by 51.6% from last year.
While sales and corporate tax revenues bolster the state’s budget, one source of revenue that has declined is the state’s motor fuel tax. Governor Brian Kemp suspended the gas tax through Nov. 11, a move which will provide Georgians with some relief at the gas pump, in the wake of an announcement last week by OPEC+ countries that they plan to decrease oil production.