Georgia revenue picture brighter than a year ago, but still well below pre-recession levels

You might already have seen some of this data. The Governor’s office sent out a press release on Friday with the state revenue data for June and for the entire FY 2012. But that release did not include the usual PDF of detailed data, and, sort of oddly, the state Department of Revenue did not send out a press release until yesterday.

I wanted to see the hard numbers before doing this post. Click here if you want to see the details for yourself.

Compared to June 2011, last month saw a 2.6 percent increase in total taxes and other revenues. That’s a decent increase, slightly higher than the rate of inflation, but it’s softer than much of the rest of the fiscal year.

Individual income tax revenue actually fell .2 percent in June compared to a year ago, and gross sales and use tax (a good economic barometer) increased a fairly thin 3.3 percent.

Georgia finished FY 2012 with a 4.8 percent increase in revenue compared to FY 2011. That’s $16.1 billion for 2012 compared to $15.3 billion for 2011 (numbers are rounded).

Year-over-year, individual income taxes increased 6.3 percent and gross sales and uses taxes increased 4.8 percent. Net sales taxes and individual income taxes comprised $13.4 billion of the total $16.1 billion in state revenue in FY 2012. Corporate income taxes comprised just $590 million of the total, down 12.1 percent from FY 2011.

FY 2007 was the peak year for Georgia revenues, with $17.6 billion.

Adjusted for inflation, state revenues for FY 2012 were about 17 percent below FY 2007.

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