January revenues up 8.1 percent over 2010

The state of Georgia’s revenues increased $117 million or 8.1 percent in January when compared to the same month’s 2010 figures, the office of Gov. Nathan Deal announced today.

The Department of Revenue figures continue the state’s upward trend in revenue growth. Through the first seven months of fiscal year 2010 (July 1, 2010, through June 30, 2011), net tax collections totaled $9.4 billion, an increase of $705 million or 8.1 percent over the same period last year.

The revenue growth was led by jumps in the individual income tax and the sales and use tax. January 2011 income tax figures were up $94 million or 12.2 percent compared to the year before. Sales and use increased $6 million or 1.2 percent over the same periods.

“Our state continues its recovery as many Georgians who have suffered during this downturn return to employment and begin paying taxes again,” Deal said Tuesday. “These increases over the past months have given our state critical resources to fund our educational priorities even as we face another shortfall due to the loss of stimulus funds.

“In these tough times, our state will pursue a prudent course that will downsize government, reduce our tax burden and allow our private sector to grow and prosper.”