State tax collections show October surge
File Photo/TownNews.com Content Exchange
By Dave Williams
Capitol Beat News Service
ATLANTA — Georgia tax collections continued strong last month, the state Department of Revenue reported Monday.
The state agency brought in nearly $2.71 billion in October, an increase of $230.2 million, or 9.3%, compared to October of last year. Since the start of Fiscal 2023 in July, tax revenues are up 7.8% over the first four months of the last fiscal year.
Individual income taxes rose 18.4%, spurred by a 29.4% increase in tax return payments. Net sales tax receipts were up 16.6% over October 2021. Corporate income tax collections rose by 12%, driven in large part by a 59.3% decline in tax refunds issued.
Once again, revenues from the state tax on gasoline and other motor fuels were virtually non-existent — down 99% — with the temporary suspension of the tax still in effect.
Georgia tax revenues have been on the rise for more than a year, as the state built a record $6.6 billion budget surplus coming out of the coronavirus pandemic.
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