State on a Revenue Roll

Gilt-edged Georgia in October experienced its 16th consecutive month of growth in tax collections.

Revenues totaled $1.3 billion, an increase of $67 million, or 5.4%, compared to October 2010.

Through the first four months of the fiscal year, net collections have totaled $5.36 billion, an increase of $339 million, or 6.8%, over the same period a year ago.

“The positive trend of year-over-year growth continued for a 16th consecutive month in October as total net revenues remained relatively strong,” said Gov. Nathan Deal.

“However, the more recent trend of softening revenues since August only reaffirms our stance of cautious optimism with respect to the overall economic outlook for the state,” he added.

Georgia saw increases in several categories, including individual income tax collections that totaled $700 million in October, up from $637.5 million the previous year, representing an increase of $62.5 million or 9.8%.

Net state sales and use tax collections totaled $437 million, up from $427 million in 2010, for an increase of $10 million, or 2.3%. The monthly sales tax distribution to local governments totaled $388 million, which was an increase of $27 million, or 7.5%, over last October.

Corporate income tax collections declined $4.25 million, or 78.5%, marking the third consecutive year in which corporate refund activity outstripped collections.

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Georgia
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