October revenues dip by 3.2% in Georgia

[private]Georgia’s revenue collections declined by 3.2 percent in October compared to the same month a year ago, a sign that the state’s economy may be cooling off.

For the first quarter of fiscal year 2018, state revenues were up by a measly 1.6 percent, or $113.9 million, which means legislative budget writers will have some challenges in the upcoming General Assembly session.

If the growth rate stays at that anemic pace, state revenues would increase by less than $500 million for the fiscal year.

Tax collections amounted to $1.71 billion for the month of October, where they were $1.77 billion in October 2016, according to figures compiled by the revenue department.

Individual income tax revenues were down by 2.9 percent ($27 million) while corporate income tax collections plummeted by 110.1 percent ($23.5 million). State sales taxes partly made up for that dropoff by increasing 3.5 percent, or $16 million.

Motor vehicle tag and title fee revenues declined by 7.4 percent ($8.5 million) in October.

Motot fuel tax collections were also sluggish although they did increase by 2.2 percent, or $3.1 million, for the month.

© 2017 by The Georgia Report



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