November 8, 2016 11:30 AM
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.