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.
This story is available through a news partnership with Capitol Beat News Service, a project of the Georgia Press Educational Foundation.