Georgia Tax Revenue Fell In April, But State Still On Track For Budget Surplus

Georgia’s tax revenue fell in April, but the state still remains on track for another budget surplus. 

The state has collected $27.8 billion in tax revenue through April, which is about 1% more than it had collected at this point last year, according to newly released numbers from Georgia Governor Brian Kemp. 

In April, Georgia collected $4.19 billion in tax revenue, which is 16.5% less than was collected in April 2022. 

However, “Kemp set his revenue estimate at less than what was collected last year, arguing that was an artificial peak. Georgia needs to collect less than $2.9 billion more in May and June to reach the goal for the 2023 budget year ending June 30. Georgia collected more than $5.5 billion in May and June of 2022, even at a time when the state was forgoing gasoline and diesel tax collections,” Fox 5 Atlanta explained. 

“The data that we have so far points to a surplus,” said Danny Kanso, senior fiscal analyst at the liberal-leaning Georgia Budget and Police Institute. “The question is how large will it be.”

Fox 5 Atlanta added, “Any surplus could add to the $6.6 billion in cash from previous years that Georgia began the 2023 budget with. And all that cash is on top of the state’s rainy day fund, now filled to its legal limit of $5.2 billion.”

D & B Staff

More from this show

Subscribe

Episode 44