Gov. Deal Announces an Increase in Tax Revenues for October
Yesterday Gov. Nathan Deal announced that the state amassed an 8.6 percent increase in tax revenues in comparison to October 2015. The release obtained by GeorgiaPol from the governor’s office went through a breakdown of the changes in different tax categories that led to the overall increase.
The first tax category that the governor’s office cited as a cause for the increase was the Individual Income Tax. The total Individual Income Tax collections for October reached $924.6 million, up 10.1% compared to last year. The components in this category that lead to this increase include an increase in Individual Income Tax withholding payments of 10.9 percent, a $16.4 million increase in Income Tax refunds, a 7.9 percent increase in Individual Income Tax Return payments and a combined $4.6 billion increase in the other Individual Tax categories.
The Gross Sales Tax collections for October increased by $25.5 million, while the Net Sales Tax increased by almost $17.7 million, both in comparison to October of 2015. Moreover, Sales Tax refunds increased by 36.1 percent when compared to last year, and the distribution of Sales Tax funds to local governments saw a bump of about $4 million. In addition, the Corporate Income Tax collections saw a whopping increase of $34.9 million, or 257.2 percent, and the revenues and refunds in that particular category reached a net total of $13.6 million.
The last two categories that comprised the state’s revenue increase were Motor Fuel Taxes and Motor Vehicle Tag and Title fees with an increase of $5.4 million for Motor Fuel Taxes and a decrease in Tag and Title fee collections of $0.5 million folded in with an increase of $5.6 million of Title Ad Valorem Tax collections.
For a more comprehensive breakdown of these figures, readers can view the governor’s press release here, which includes an attached summary document.
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This is actually good and somewhat unexpected news. Several of my folks that watch this closely have been concerned that there would be the long expected business cycle downturn beginning about now. Every month that is delayed, we get a little closer to the rainy day fund being full, and have a better ability to complete QBE reform and maybe even get closer to fully funding our EXISTING Medicaid program that currently relies on providers to subsidize healthcare to poor Georgians.
Does anyone know offhand the last month tax revenues weren’t up yoy?
We had some irregular numbers to start this year. Last month it was up slightly but the fear was not enough to cover population growth + inflation. We need 2.5-3% growth just to stay even.
I did a quick search on the Governor’s press releases and it looks like it may have been November, 2012. Looking at some historical data and charts, that seems to be right.
Thank you both.