An announcement was made today by Gov. Deal stating that Georgia’s net tax collections for October, 2015 totaled almost $1.63 billion, an increase of about $4.6 million (0.3%) from October, 2014. This brings the final net tax revenue collections to $6.76 billion for the 2015-2016 fiscal year, which is up $513.1 million (8.2%) from last year.
In addition, $69.8 million was generated for transportation in October due to changes implemented by House Bill 170.
The following is a breakdown of the October, 2015 revenues in comparison to October, 2014:
|Description||Amount Collected||Change From Oct., 2014||Percentage Increase|
|Individual income taxes||$839.7 million||$5.2 million||0.6%|
|Gross Sales & Use Tax||$865.5 million||$6.3 million||0.7%|
|Net Sales & Use Tax||$446.2 million||-$4.7 million||-1.1%|
|Corporate income taxes||-$13.6 million||-$13.7 million||-24,473.7%|
A copy of the October, 2015 financial report can be seen after the break.