spot_imgspot_img

Georgia’s October tax revenues down

spot_img

(The Center Square) – Hurricane Helene’s impact drove Georgia’s tax revenues down by 3.4% in October, according to Gov. Brian Kemp’s office.

Income tax collections dropped $119.6 million, an 8.7% decline when compared to last October when the state collected $2.53 billion, according to a release.

The most notable factor driving the downturn is a 36.5% decrease in individual income tax payments – a $104.3 drop, according to the figures.

Income tax withholding payments also decreased by $49.4 million.

“Net collections for October were also negatively impacted by the hurricane-related income tax filing and payment deadline extensions announced on October 3,” the release said. “Return and payment deadlines for both individual and corporate income taxes, from that date through April 2025, were extended to May 1, 2025, likely reducing collections of both individual and corporate income taxes except for payroll withholding collection.”

Corporate income taxes were reduced by 47.4%, a total of $62.8 million, fueled by a $23.5 million decrease in corporate income tax payments.

Higher fuel tax collections were attributed to the 2023 fuel tax suspension. The state collected $105.6 million more in fuel taxes during October 2024, a boost of 146.1%, compared to the prior year when consumers were not paying the fuel taxes.

Georgia’s gross sales and use tax collections were up slightly – 0.2% or $2.3 million when compared to fiscal year 2024. But net sales and use taxes are down by 1%, according to the numbers.

Year-to-date tax revenue collections are down 0.6%, a $61.1 million drop from October 2023, according to the release.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Gas Prices Drop Nationwide Again

DALLAS (AURN News) — The national average price for...

Vos: New budget will say ‘no’

(The Center Square) – Wisconsin’s new state budget is...

The driver behind Washington state’s budget shortfall

(The Center Square) – Earlier this month, state officials...

Legislation introduced to combat financial threats from Chinese Communist Party

(The Center Square) – Legislation has been introduced in...

Ohioans have lower gas prices as holiday travel begins

(The Center Square) – As the biggest holiday travel...

New Buffalo Bills’ stadium now expected to cost $2.2 billion

(The Center Square) – The cost to build a...

Jewish groups urge boycott of Maine’s largest city over divestment plan

(The Center Square) — Jewish leaders are calling for...

Shreveport budget to focus on city streets, building improvements in 2025

(The Center Square) — The 2025 Shreveport budget has...

More like this
Related

Gas Prices Drop Nationwide Again

DALLAS (AURN News) — The national average price for...

Vos: New budget will say ‘no’

(The Center Square) – Wisconsin’s new state budget is...

The driver behind Washington state’s budget shortfall

(The Center Square) – Earlier this month, state officials...

Legislation introduced to combat financial threats from Chinese Communist Party

(The Center Square) – Legislation has been introduced in...