State revenues climb for fifth straight month

October continued Georgia’s string of positive tax collections as Gov. Sonny Perdue said Wednesday that the state’s revenue picture continued to improve.

Figures released by Perdue’s office show that tax and fee collections increased for the fifth straight month.

October revenue collections were more than $1.23 billion, compared to $1.14 billion in October 2009, an increase of 8.2 percent. For the fiscal year, which began July 1, collections are up by 7.6 percent over the same four months off last year.

Sales tax collections continued to pace the growth as October saw the state bring in nearly $56 million more in sales and uses taxes than a year ago. Individual income taxes also posted strong figures, increasing 4.1 percent or $25 million.

Corporate income taxes, however, continue to be a problem area as businesses continue to struggle to grow. Business income taxes were down another 10.5 percent in October as the state paid out $5.4 million more in refunds than it took in in taxes.

Here is a closer look at October’s revenue report.

Individual income tax collections

October 2010: $635.7 million

October 2009: $610.6 million

Difference: 4.1 percent

Corporate income tax collections

October 2010: -$5.42 million

October 2009: -$4.9 million

Difference: -10.5 percent

Sales and use tax collections

October 2010: $792.7 million

October 2009: $736.7 million

Difference: +7.6 percent

Fiscal year to date (July 1-October 31)

Overall tax collections: $5.02 billion

Same period a year ago: $4.66 billion

Difference: 7.6 percent

5 comments Add your comment

Joey M

November 10th, 2010
4:34 pm

They will show these numbers, than give us a million reasons why we don’t pay enough. When I don’t have enough money for cable, I cut cable. I don’t extort more money so I can keep cable, than add premium channels. We need a smaller government and we need it now!

Bryan

November 10th, 2010
4:39 pm

Joey – the amount of money the state spends has dropped the last ten years or so . . . and the population has continued to increase. What does this mean? Crappy environment, crappy schools, crappy transportation and other states that are taxing and spending wisely are attracting businesses that Georgia used to get.

Jim J

November 10th, 2010
4:58 pm

This is very good news for Georgia. Joey M and Bryan don’t know what you are talking about. Georgia is the Capitol of the South. We have the best road network, rail network and airport of any city in the south. You think our traffic is bad, try going to Charlotte or Birmingham. Our traffic is bad because we are victims of our own success, so many people have moved here because of the high quality of life.

I know for many people, the job market is still tough. However, this positive sign on tax receipts shows that the situation is improving and 2011 will be much better than 2010. You can bet on it.

Charles

November 10th, 2010
5:16 pm

Georgia just got lucky this time- next year won’t look so good with 10% unemployment continuing!

Jim J

November 10th, 2010
5:57 pm

Charles, you don’t know what you are talking about either.