The State of Georgia’s net tax collections in October totaled nearly $2.02 billion, for an increase of $35.2 million, or 1.8 percent, compared to last year when net tax collections totaled $1.98 billion. Year-to-date, net tax revenue collections totaled $8.21 billion, for an increase of $400.2 million, or 5.1 percent, compared to October FY 2020.
The changes within the following tax categories account for October’s overall net tax revenue increase:
•Individual income tax: Individual income tax collections for October decreased by roughly $12.9 million, or -1.2 percent, down from FY 2020 when net individual tax revenues totaled more than $1.05 billion.
•Sales and use tax: Gross sales and use tax collections increased by $66.4 million, or 6.3 percent, up from last year when gross sales tax approached $1.06 billion.
•Corporate income tax: Net corporate income tax collections decreased by nearly $21.3 million, or -28.8 percent, compared to October 2019, when net corporate tax revenues totaled $73.7 million for the month.
•Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by $2.6 million, or 1.7 percent, up from a total of $150.9 million in FY 2020.
•Motor vehicle - tag and title fees: Motor vehicle tag and title fee collections declined by roughly $0.8 million, or -2.2 percent, compared to October 2019, when motor vehicle fees totaled $35 million. In contrast, title ad valorem tax (TAVT) collections increased by $3.9 million, or 7 percent, compared to last year’s total of nearly $55.3 million.