Biz Briefs: Tax revenues up 10% in Georgia

Biz Briefs: Tax revenues up 10% in Georgia

February 12th, 2013 by Staff Reports and Wire Service in Business Around the Region

Tax revenues up 10% in Georgia

Tax collections in Georgia grew by more than 10 percent in December, potentially improving the state's budget situation.

Gov. Nathan Deal's administration said Monday that tax and other collections stood at roughly $1.7 billion in January, up roughly 10.4 percent compared to same period last year. State lawmakers crafting Georgia's state budget have said they hoped for several months of growth to meet estimates.

Personal income tax collections increased 16.3 percent to just over $1 billion. Growth in sales and use taxes was relatively flat.

Investors to sell HCA stock shares

Hospital operator HCA Holdings Inc. said Monday that a group of investors plan to sell up to 50 million shares of its stock.

HCA said most of the shares will be sold by the private equity funds Kohlberg Kravis Roberts & Co. and Bain Capital Partners, which helped take the company private in 2006. HCA won't get any proceeds from the sale, which is expected to close Friday.

HCA went public again in March 2011 with an initial public offering valued at $3.79 billion, which made for the largest private equity-backed IPO in history.

The largest shareholder in HCA is Thomas Frist Jr., who founded the company with his father Thomas Sr. and Jack Massey. Frist Jr. is a former chairman and CEO of HCA, and he owns about 78 million shares. His brother, former U.S. Sen. Bill Frist, and his son Thomas III both sit on HCA's board.