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Georgia’s net tax collections rise 3.6% in Dec

Georgia’s net tax collections rise 3.6% in Dec

TBILISI: Georgia’s net tax collections rose by $67.7 million last month, a 3.6 percent increase over December of 2014, Gov. Nathan Deal reported Wednesday.

Tax revenues for the first half of fiscal 2016 totaled $10.44 billion, representing an increase of $834.2 million over the first six months of the last fiscal year, or 8.7 percent. Corporate income tax collections in December were up 7.3 percent over December 2014. Individual income taxes saw a more moderate increase of 2.5 percent.

On the negative side of the ledger, gross sales tax revenues deposited last month were off slightly, by 0,4 percent. Net sales taxes declined by 1.1 percent. The new transportation funding bill the General Assembly passed last year generated $67 million during December. As a result, total net tax revenue for the month increased by 7.1 percent over December 2014.