An announcement was made by Gov. Deal yesterday stating that Georgia’s net tax collections for January were almost $1.86 billion, an increase of about $53.9 million (3%) from January, 2014. This brings the net tax revenue collections to $11.47 billion for the fiscal year, which is up $570.76 million (5.2%) from last year.
The following is a breakdown of some of the increases from last January. If you will notice, the largest portion of the increase comes from sales and use tax, as the individual income taxes actually dropped.
|Description||Jan. 2015 Amount Collected||Change From Jan. 2014||Percentage Change|
|Individual income taxes||$1.057 billion||-$12.77 million||-1.2%|
|Gross Sales & Use Tax||$1.02 billion||$77.27 million||8.2%|
|Net Sales & Use Tax||$544.34 million||$45.63 million||9.1%|
|Corporate income taxes||$15.93 million||$1.95 million||13.9%|
Gov. Deal also announced that for the fifth consecutive year the State of Georgia had an increase in both exports and imports. Imports were up 11.5% from 2013 to over $83.7 billion in 2014 while exports were up 4.9% to $39.4 billion over the same period. Georgia ranks as the 11th largest exporting state in the country and seventh in importing. Georgia was the export leader in the United States in the areas of chemical woodpulp, poultry, kraft paper and paperboard, chemical products including insecticides, carpets and other textile floor coverings, and Kaolin.
The full revenue report can be seen after the break.