ATLANTA — Georgia’s net tax collections for October reached $2.71 billion, marking a 6.9% increase from the previous year, according to state reports.
Year-to-date, the state’s net tax revenue collections totaled $10.88 billion, reflecting a 2.3% increase compared to the same period last year. This growth is attributed to increases in several key tax categories, including individual income tax and sales and use tax.
Individual income tax collections for October approached $1.34 billion, an increase of $78.7 million compared to the previous year. This was driven by higher individual income tax return payments and estimated payments, despite a rise in refunds issued.
Sales and use tax collections also saw significant growth, with gross collections totaling $1.6 billion, an increase of $89.8 million, or 5.9%, over the previous year. The net sales and use tax increased by $46.1 million, with local government distributions rising by $49 million.
In contrast, corporate income tax collections decreased by $8.5 million, or 12.2%, compared to last year. This decline was influenced by an increase in corporate income tax refunds, although estimated payments rose by $27.9 million.
Motor fuel tax collections increased by $14.2 million, or 8%, while motor vehicle tag and title fee collections rose by $8.6 million, or 26.6%, compared to the previous year.
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