ATLANTA — Despite the difficult economic conditions presented by the ongoing coronavirus pandemic, Georgia's year-over-year tax revenue for the first quarter of the 2021 fiscal year was up, the governor's office reported Tuesday.
According to Gov. Brian Kemp's office, revenues for the first quarter of the 2021 fiscal year, which started on July 1, were up year-over-year by $365 million, or 6.3 percent.
For the month of September specifically, revenue was down 3.6% compared to a year ago, the state said, as total collections fell by more than $81 million from the year prior.
According to state data, individual income tax revenue was up by more than $400 million in the fiscal first quarter compared to a year ago, and corporate tax revenue was up more than $90 million for the quarter.
Those trends also held for September, despite the month's overall decline - individual income receipts were up 11.2% from a year prior while corporate tax revenues were up 4%.
State revenues did reflect the drastic drop in tourist and other forms of commercial activity, with hotel and motel fees down $16 million for the fiscal quarter and other interest, fees and sales down nearly $20 million.
The fairly decent revenues outlook could present a point of contention in the next legislative session, which begins in January, after lawmakers agreed to more than $2 billion in budget cuts for next year, nearly half of it coming just from education.