Georgia’s state coffers saw a significant boost in October, with net tax collections rising by 6.9% compared to the same month last year. The surge, which exceeded $2.7 billion, represents an acceleration in revenue growth for the Peach State, according to new figures released Friday by the Georgia Department of Revenue.

The October performance marked a notable increase from the 1.9% gain recorded in September, signaling a strengthening trend in state revenue. While the monthly total of over $2.7 billion was less than September’s nearly $3.3 billion, it significantly surpassed the $2.5 billion collected in October of the previous year.

Individual income tax collections, the largest component of state revenue, climbed by 6.3% to more than $1.3 billion, adding nearly $79 million to the state’s budget compared to October last year. This increase occurred despite a slight 0.6% dip in withholding payments, as tax refunds rose by 4.2%.

Other significant drivers of the overall increase included motor fuel taxes, which grew by 8% to contribute an extra $14.2 million. Tag and title fees experienced a substantial 26.6% jump, bringing in an additional $8.6 million. The title ad valorem tax (TAVT) also saw a healthy rise of 11.8%, adding $7.9 million compared to a year ago.

However, not all revenue streams saw gains. Corporate income tax collections decreased by 12.2%, resulting in $8.5 million less than what was collected in October of the previous year.

The strong October figures point to continued economic activity and a positive trend for Georgia’s state budget as officials look towards the end of the calendar year.