Georgia tax revenue leaps more than $3 billion over 2020

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