(The Center Square) — Georgia continues to see its tax collections increase.
In October, the state’s net tax collections exceeded $2.7 billion, an increase of 9.3%, or $230.2 million, compared to last October when net tax collections approached $2.5 billion.
So far this fiscal year, net tax revenue collections have exceeded $10.3 billion, an increase of 7.8%, or $744 million, over the same period last fiscal year.
In October, individual income tax collections exceeded $1.5 billion, an increase of 18.4%, $243.3 million. Last year, individual tax revenues surpassed $1.3 billion.
Gross sales and use tax collections approached $1.5 billion in October, an increase of 14%, or $183.1 million, over fiscal 2022. Net sales and use tax collections ticked up 16.6%, or $108.7 million, compared to last October when net sales tax revenue totaled $654.9 million.
Net corporate income tax collections increased by 12%, or $11.4 million, compared to October 2021, when net revenues totaled $95.1 million for the month.
Meanwhile, motor fuel tax collections in October were down by more than $165.5 million from a year ago. So far this fiscal year, motor fuel tax collections are down by nearly $674.3 million from last fiscal year.
Gov. Brian Kemp, a Republican, has signed a series of orders to suspend the state’s collection of taxes on motor and locomotive fuel. Earlier this month, Kemp signed an extension that runs through Dec. 11.
This article was published by The Center Square and is republished here with permission. Click here to view the original.
