October Tax Revenues Down 1.6%

A press release issued today by Gov. Brian Kemp’s office states that Georgia’s net tax collections for October, 2019 totaled $1.98 billion, a decrease of $32.3 million (-1.6%) from October, 2018. Net tax revenues for the fiscal year have totaled $7.81 billion, a decrease of $11.2 million (-0.1%) from this point last year.

The following is a breakdown of the October, 2019 revenues in comparison to October, 2018:

DescriptionAmount CollectedChange From Oct. 2018% Change
Individual income taxes$1.052 billion$1.19 million0.1%
Gross Sales & Use Tax$1.056 billion$62.2 million6.3%
Net Sales & Use Tax$522.9 million-$2.2 million-0.4%
Corporate income taxes$73.7 million$11.3 million18%
Motor Fuel Taxes$150.9 million$0.7 million0.5%
Tag and Title Fees$35 million$2.3 million7.2%
Title Ad Valorem Tax$55.3 million-$19.1 million-25.7%

A full copy of the report can be SEEN HERE.

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So if we had bought more new cars everything would have been roses?