Strong tax revenue gives Georgia's budget another boost
As Governor Brian Kemp and state lawmakers debate ways to spend the state's historic $6.6 billion surplus, more money is coming their way.
Net tax collections for the state increased 7.5 percent compared to the last six months of 2021, according to Kemp's office. Total receipts for the six-month period jumped from $2.98 billion to $3.21 billion.
Sales tax collections increased by 7.9 percent, while individual income tax collections dropped 6.5 percent. Much of the revenue growth, however, was driven by a $236.8 million increase in corporate income tax collections.
Notably, gas tax collections for December decreased by -104.2 percent compared to last year, due to a string of executive orders from Kemp extending the temporary suspension of the Motor Fuel Excise Tax throughout much of the six-month period.
Kemp wants to use part of the record state surplus give state employees a raise and provide around $1 billion in tax cuts.