The state of Georgia took in $1.3 billion in taxes in October, a 5.4 percent increase over October 2010, Gov. Nathan Deal's office said Tuesday.
Through the first four months of the fiscal year, net revenue collections are up 6.8 percent over the same period a year ago. Net revenues totaled $5.36 billion, an increase of $339 million.
Deal noted the monthly revenue report showed good news, but warned that there were signs of "softening" in collections.
“The positive trend of year-over-year growth continued for a 16th consecutive month in October as total net revenues remained relatively strong,” Deal in a statement. “However, the more recent trend of softening revenues since August only reaffirms our stance of cautious optimism with respect to the overall economic outlook for the state.”
For October, individual income tax collections increased nearly 10 percent, from $637.5 million in October 2010 to $700 million this past month.
Sales tax collections grew less robustly -- from $427 million in October 2010 to $437 million the same month this year, a 2.3 percent increase.
Corporate income tax collections actually declined in October, down $4.25 million or 78.5 percent. That is the third consecutive year that corporate refunds overwhelmed corporate tax collections, Deal's office said.
Corporate tax refunds issued were up $12 million or 47.9 percent
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