Georgia revenue growth slows in October

[private]After several months of strong growth sparked by an increase in the state’s motor fuel tax, Georgia tax collections cooled off somewhat in October with only a 4.8 percent increase in state revenues.

Motor fuel tax revenues continued to accelerate and grew by a whopping 67.5 percent over October 2014 to $137.9 million – an increase of $55.6 million.

Vehicle tag and title fees also increased by 12.7 percent to $110.8 million, or growth of $12.5 million.

That comprised most of the $74.4 million increase in state revenues, which were $1.63 billion for October. For the first four months of fiscal year 2016, revenues were $6.76 billion, an 8.2 percent increase over last year.

Individual income taxes grew less than 1 percent in October to $839.7 million, an increase of only $5.2 million. Refunds of corporate income taxes outstripped payments by a net of $13.6 million.

Sales tax revenues were down by 1.1 percent to $446.1 million, a decrease of $4.7 million.

© 2015 by The Georgia Report

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Tags: Georgia revenue collections