State revenues post solid gain in May compared to a year ago

From this morning’s press release:

Gov. Nathan Deal today announced that Georgia’s net tax collections for the month of May totaled $1.35 billion for an increase of $106 million, or 8.6 percent, compared to May 2012. Year-to-date, net revenue collections totaled $15.4 billion for an increase of $915 million, or 6.3 percent, compared to the same point last year.

These relatively strong year-over-year gains might take some pressure off lawmakers during the next legislative session.

Individual income tax collections, which give us some data regarding employment in the state, were up 6.1 percent in May 2013 compared to May 2012.

Sales and use tax collections were down, but the press release notes that the decline was related to changes in state law:

Gross Sales Tax collections were down $26.25 million* compared to FY 2012 as a result of the recently implemented Title ad Valorem Tax law, which replaced both the point-of-sale sales tax on a vehicle and the annual ad valorem tax known as the “birthday tax,” effective March 1.

For an interesting point of comparison, consider that in May 2007, before the recession, net state revenues were $2.14 billion. In May 2006, they were $1.67 billion. In May, 2005, they were $1.44 billion.

So last month’s numbers look pretty good compared to the worst days of the recession, but we’re still far below the boom years.