Governor Brian Kemp’s office issued a release on Friday noting October’s tax revenues are up from this time last year.
According to his office, total tax collections in October were at $2.71-billion, an increase of 6.9% from this time last year ($2.53-billion).
Year to date, net tax revenue totaled $10.88-billion for an increase of $240.4-million, or 2.3%, compared to October of 2024 ($10.64-billion).
Kemp’s office said the reason for the shift included an increase in individual income tax collections to the tune of 6.2%, or $78.7-million, compared to last year.
Another shift included corporate income tax collections for October decreasing by $8.5-million, or 12.2%, compared to this time last year when corporate tax revenues were nearly $70-million.
The total collection from individuals for October of this year is $1.34-billion, compared to $1.26-billion last year.
Kemp said the reason for the net increase in individual tax collections included that refunds issued increased by $10.2-million, income tax withholding payments decreased by $7.9-million, individual income tax return payments increased by nearly $83-million (roughly 46%), and individual income tax estimated payments increased by $9.1-million (roughly 29%) from last year.
Some of the reasons given for the corporate income tax decreasing included refunds issued increasing by nearly $31-million compared to last year, corporate income tax estimated payments increasing by roughly $28-million (51.1%) from last year, and all other corporate tax payments being down a combined $5.5-million.
Other tax changes from this time last year included gross sales and use tax totaling $1.6-billion for October, an increase of about 6% from last year; motor fuel taxes increased by $14.2-million, an 8% increase from this time last year; and motor vehicle tag and title fees increasing by roughly $8.6-million, or 26.6%, compared to last year while title ad valorem taxes increased by roughly $8-million in October (up 12% from last October).
It seems as though taxes are up from this time last year, although the way Georgians are paying them looks a little different.
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