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Jan. 9 – Dec. Tax Revenues up 10 Percent as Gov. Deal’s ‘State of the State’ set for Wednesday

Category: Georgia Business News

By Lou Phelps, Coastal Empire News

January 9, 2018 – As Gov. Nathan Deal will deliver his annual ‘State of the State’ address tomorrow, his last as his eight years in office come to a close at the end of 2018.  Deal will outline his proposed 2019 budget for the State of Georgia that comes on the heels of continued strong state revenue numbers for the month of December.

December tax revenues were up 10 percent over last year, it was announced Friday, with Georgia’s net tax collections for the month totaling $2.26 billion, for an increase of $206.1 million, or 10 percent, compared to last year when net tax collections totaled nearly $2.06 billion.  Georgia’s fiscal year runs from July 1 to June 30.

Year-to-date for the first half of the fiscal year, net tax collections totaled $11.3 billion, for an increase of $444.7 million, or 4.1 percent, over December 2016, when net tax revenues totaled roughly $10.86 billion six months into the fiscal year.

In the Governor’s budget message to the members of the Georgia House and Senate to be presented at 11:00 a.m., there will also be proposed revisions to the current 2018 state operating budget – revisions to spend some of that extra revenue for January through June, over the appropriation approved during the 2017 legislative session.

For the month of December, Individual Income Tax collections for the month totaled $1.26 billion, up from approximately $1.11 billion in December 2016, for an increase of approximately $146 million, or 13.1 percent.  Within that category of revenue, Individual Estimated Tax payments were up $60.8 million, or 46.3 percent.

Gross Sales and Use Tax collections deposited during the month totaled nearly $946.5 million, for an increase of $72.5 million, or 8.3 percent, over last year.   This is money that will flow into local cities and counties, as well.  And, the State reported that adjusted distribution of sales tax to local governments totaled $448.1 million, for an increase of approximately $46.3 million, or 11.5 percent, over last year.

Corporate Income Tax collections for December increased by almost $22.3 million, or 13.6 percent, compared to last year when net Corporate Tax collections totaled $163.5 million.

And, Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $146.2 million, for an increase of $2.7 million, or 1.9 percent, compared to December 2016.

Budget Hearings Begin Next Week

The 2018 Session Joint Budget Hearings for the FY2018 Amended and FY2019 General Budgets are scheduled to begin next Tuesday, Jan. 16, at 9:45 a.m. in Room 341 State Capitol. The Governor is scheduled to speak at 10:00 a.m.

The Hearings will continue on Weds, convening at 9:00 a.m. and adjourning at 10:30 a.m.

The Joint Block Grant Hearing will be held at 1:00 p.m. on Thursday, Jan. 18, 2018 in Room 341 State Capitol.

Scheduled to at the hearings are Dr. Kenneth Heaghney State Fiscal Economist; Superintendent Richard Woods Georgia Department of Education; Commissioner Matt Arthur of the Technical  College System of Georgia; Chancellor Steve Wrigley, Board of Regents of the University System of Georgia; Interim President Caylee Noggle of the Georgia Student Finance Commission; Commissioner Gregory Dozier with the Georgia Department of Corrections; Secretary Brian Kemp Secretary of State; Commissioner Judy Fitzgerald of the Department of Behavioral  Health and Developmental Disabilities; Commissioner Frank Berry of the Georgia Department  of Community Health; Commissioner Michael Nail, Georgia Department of Community Supervision; Commissioner Robyn Crittenden and Interim Director Virginia Pryor, Georgia Department of Human Services; Commissioner Russell McMurry Georgia Department  of Transportation; and Teresa MacCartney, Chief Financial Officer and Director Governor's  Office of Planning and Budget.

The ‘State of the State’ Address Schedule

As has been the tradition for a number of years, the Governor will present his budget overview at the Georgia Chamber of Commerce’s annual ‘Eggs & Issues Breakfast’ set for Weds. Jan. 10 at 8:00 a.m. at the Georgia World Congress Center - Thomas Murphy Ballroom.

The State of the State address will be Thursday, Jan. 11, at 11 a.m at the State Capitol, in the House Chamber. 

Coastal Empire News will be covering the State of the State and the 2019 proposed budget process. 

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