October Tax Collections Up Slightly In GA From October 2014

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.

Download (PDF, 29KB)

3 comments

  1. saltycracker says:

    Corporate income tax accounts for 3% of tax revenues to date. Wouldn’t Georgia improve their business friendly status by eliminating it and also save the taxpayer a bundle by eliminating many of the divisions, bills, lobbyists, lawyers and public employees dedicated to spending much more revenue than we take in ?

    Also, Why issue state checks to businesses or individuals when their taxes hit zero ?

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