Georgia tax revenue leaps more than $3B over last year

Georgia News

FILE- This Feb. 13, 2019, file photo shows multiple forms printed from the Internal Revenue Service web page that are used for 2018 U.S. federal tax returns in Zelienople, Pa. If you don’t think you will be able to complete and file your taxes on time, request an extension. Filing an extension helps taxpayers avoid […]

ATLANTA (AP) — Georgia’s state tax receipts jumped by more than $3 billion in the budget year ended June 30.

The big increase in revenue could set up an election-year session where lawmakers will have many options for new spending or tax cuts.

Georgia collected $26.9 billion in revenue, up 13.5% from 2020. Lawmakers had cut spending sharply before the 2021 budget year began, fearing revenue would plunge because of the COVID-19 pandemic.

But it’s been clear for months that tax receipts were soaring instead. The state’s $2.7 billion rainy fund is likely to rise nearer to its limit of $4 billion.

Senate Appropriations Committee Chairman Blake Tillery says he’s “still extremely concerned” that revenue may slacken as federal aid runs out.

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