State revenues increased 5.9 percent in October

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Georgia’s tax collections increased by $81.8 million (5.9 percent) in October to total $1.466 billion for the month, the state revenue department disclosed Friday.

For the first four months of fiscal year 2014, state revenues are up by $329.2 million to a total of $5.94 billion, which coincidentally also represents 5.9 percent growth over the same period of fiscal year 2013.

Individual income tax collections nudged up by 1.4 percent ($10.8 million) to $767.8 million, but sales tax revenues dropped by 5 percent ($21.8 million) to $417.4 million.

The dropoff in sales tax revenues was more than offset by the fees collected under the new state law that eliminated the sales tax on motor vehicle sales and replaced it with a one-time title fee. Title fee collections increased by $59.3 million in October to $87.9 million, a whopping 207.2 percent increase.

Motor fuel tax revenues, which are collected on the sale of gasoline to motorists, grew by 9.3 percent ($7.2 million) to $84.3 million in October.

© 2013 by The Georgia Report

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Tags: Georgia tax collections , October