Georgia tax officials collected more than $3.9 billion in April, a decrease of 5.4 percent or $225.7 million from last year.
So far this fiscal year, net tax revenue of more than $27.4 billion is down about 1.2 percent or $341.3 million from last year. While fiscal 2024 collections have decreased from fiscal 2023 and fiscal 2022 numbers, they remain higher than they were at the same time in fiscal 2019, fiscal 2020 and fiscal 2021, according to unaudited numbers released at the time.
Read More
Georgia reported decreased monthly tax collections for the fourth consecutive month.
Georgia’s net tax collections of more than $2.8 billion in June decreased 0.4 percent, or $10.9 million, compared to a year ago. The Peach State reported decreased tax collections in March, April and May.
Read More
California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.
This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed. In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.
Read More
A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales.
The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country, the total revenue for taxes on weed amounted to nearly $3 billion, according to a report on “sin taxes” by The Institute on Taxation and Economic Policy (ITEP).
Read More
Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.
States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.
Read More
A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.
Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.
Read More