State tax revenues spike again

Local collections continue upward trend.

The $30.2 billion fiscal 2023 budget due to take effect

July 1 would increase spending by 10.8% over the

spending plan lawmakers adopted

a year ago. Kemp is expected to sign the budget later

this week.

ATLANTA — Georgia tax collections skyrocketed in April for the second month in a row, the result of last year’s late tax filing date of May 17, the state Department of Revenue reports.

The agency brought in just more than $5 million last month, up 78.9% over April of last year.

Individual income tax receipts were up 158.7% due to a huge increase in tax payments.

Net sales tax collections rose by a much more modest 12.9%.

Locally, sales tax collections continued their upward trend across the board.

For April, Gordon County Special Local Option Sales Tax saw $1,149,103 in distributions, up from $1,056,489 in March, and up from $988,913 last year. Meanwhile, April’s county Local Option Sales Tax brought in $727,702, compared to March’s $669,309, and last year’s $626,797.

The City of Calhoun’s LOST saw a distribution of $395,486 in April, up from $362,880 in March, and $339,576 a year ago.

Both Education Local Option Sales Tax totals were also up. The county’s ELOST came in at $735,650, up from $676,988 last April, and $630,600 last year. City ELOST for April was $447,008, up from $411,407 in March, and $383,066 in April of 2021.

For Fairmount, it’s LOST dollars totaled $14,944, up from $13,734 the month before, and $12,856 the same time last year. Finally, Resaca’s LOST came in at $11,495 for April, up from $10,564 in March, and $9,880 a year ago.

Back to statewide totals, corporate income tax revenues were up 56.9%, as tax payments increased by 75%.

Tax receipts on motor fuels including gasoline fell by 39.5% in April, reflecting Gov. Brian Kemp’s decision to temporarily suspend the tax to help offset rising pump prices. The governor’s executive order suspending the tax is due to expire May 31.

The revenue department said year-over-year tax comparisons will be comparable again after the end of this month.

Even when the temporary spike in tax revenue ends, the state is expected to be sitting on a huge budget surplus that has made spending decisions easier both for Kemp and the General Assembly.

The $30.2 billion fiscal 2023 budget due to take effect July 1 would increase spending by 10.8% over the spending plan lawmakers adopted a year ago. Kemp is expected to sign the budget later this week.

Among the many increases, salaries for most state employees will go by $5,000 and it gives state retirees their first cost-of-living adjustment in 14 years. Targeted raises will go to correctional officers in the adult and juveniles prison systems to try to stem huge turnover rates.