Gas prices drop in metro Savannah
Average retail gasoline prices in Savannah have fallen 7.4 cents a gallon in the past week to $3.39 a gallon on Sunday, according to GasBuddy’s daily survey of 262 gas outlets in Savannah.
The national average has fallen 5.0 cents a gallon in the last week to $3.58, according to gasoline price website GasBuddy.com.
Prices Sunday were 11.8 cents a gallon lower than the same day one year ago and are 6.7 cents a gallon lower than a month ago. The national average has decreased 1.2 cents a gallon during the last month and stands 9.1 cents lower than a year ago.
“While gas prices in Anderson, S.C., have hit $2.99 a gallon in the last week, nationally, pump prices have also seen drops amounting to an average drop of a nickle per gallon,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Prices finally have dropped under their year ago values, just in time for those last minute vacations before school starts.
“The rest of the summer will likely see prices flirting with where they stand today, but more significant relief will arrive around mid-September, when prices nationally could be 10-25 cents per gallon lower than where they are today.”
Georgia’s July tax revenues up 6.7 percent
Gov. Nathan Deal announced Monday that Georgia’s net tax collections for July totaled $1.41 billion for an increase of $88.5 million, or 6.7 percent, compared to the month-ended July 2012.
Gross tax revenue deposits for the month totaled $1.85 billion, an increase of $70.5 million or 4 percent compared to last fiscal year.
Individual Income Tax collections for July totaled $758.25 million, up from $698 million in July 2012, for an increase of $60.25 million or 8.6 percent.
Gross Sales Tax collections declined $43.25 million or -5 percent compared to last year, while net Sales & Use Tax collections for July 2013 dropped $30.25 million or -6.6 percent, down from $460.25 million in July 2012 to a total of $430 million in July FY 2014.
Corporate Income Tax collections for July 2013 decreased $4 million or -21.8 percent compared to last year when Corporate tax revenues totaled nearly $18.0 million in July 2012.
Motor Vehicle Fee collections for July 2013 totaled $83.5 million, which was $62.25 million higher than the previous year. The large year-over-year increase is the result of new tax legislation that became effective March 1 and established a title ad valorem tax to replace automobile sales tax, which had been assessed on the purchase of a car.