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