A hot economy continues to slosh oceans of cash around Georgia, as the latest tax receipts from state government show.
Tax revenue is up almost $1 billion compared to this time last year, according to Gov. Nathan Deal’s office. As of May, net tax collections for the year totaled $20.73 billion — a full $940.8 million more than the same period in 2017. That’s an increase of 4.8 percent.
For May, tax collections are up 1.8 percent compared to May 2017.
The biggest increases are in corporate income tax and sales tax collections. Corporate income tax revenue is up 15.8 percent, or about $5.3 million, in May compared to 2017.
But the dollar increase in the corporate tax rate is only a sliver of the increase in sales tax receipts. Georgians were spending serious money this spring: Sales and use tax revenue is up 7.2 percent in May, pushing the total revenue to only $24 million short of a full billion dollars.
The increase alone represents $65.5 million additional dollars in state coffers, while the total amount collected stands at $975.8 million. The distribution to local governments also jumped up in May: $473.1 million was sent to municipalities around Georgia based on May tax revenue.
Individual income tax revenue jumped 1.4 percent in May, or $12.4 million.
Total tax revenue from all sources for May alone came in at $1.76 billion, an increase of 1.8 percent, compared to May 2017.A total revenue rundown can be found online.