(The Center Square) — Georgia saw its revenues exceed expenses overall during the past 15 years, a new report reveals.
The Peach State’s total revenue as a share of expenses during fiscal 2006-20 was 102.6%, according to a new analysis from Pew Trusts. That’s in line with the 50-state median of 102.7%.
While Georgia was behind states like Alaska (130.5%), which topped the list, it far outpaced states like New Jersey (91.9%) and Illinois (93.9%).
In the Southeast, several of Georgia’s neighboring states were even better positioned, such as Florida (104.6%), Tennessee (104.9%), South Carolina (105.7%) and North Carolina (106%). Georgia was slightly better positioned than Alabama (102.5%).
Georgia Gov. Brian Kemp has cited the state’s fiscal position in suspending the gas tax and taking other actions he said have helped Georgians weather bad federal policies.
“Thankfully, because we budgeted wisely and carefully and because of our conservative approach, we’re able to make up for the lost revenue in our state budget without impacting the taxpayers of Georgia,” Kemp, a Republican, said in remarks earlier this month.
“…Earlier this year, with their help, we enacted the largest state income tax cut in Georgia history,” Kemp added. “We also returned — through a special tax refund – over $1 billion back where it belongs, in the pockets of taxpayers, and enacted the state’s first military retirement income tax exemption. We also suspended the state gas tax via legislation, saving Georgians 29 cents for every gallon of regular gas.”
By T.A. DeFeo | The Center Square contributor