ATLANTA – Georgia’s June net tax revenues have increased $185.4 million compared to last year and the year-to-date revenue has decreased.
Release:
The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month.
Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent compared to FY 2023, during which the state’s motor fuel excise tax was suspended for more than half the fiscal year, until January 10, 2023. Net of motor fuel tax changes, net revenues for the year-ended June 30 were down 3.4 percent from fiscal year 2023.
The changes within the following tax categories help to further explain June’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections approached $1.33 billion, for an increase of $36.4 million or 2.8 percent compared to last year when Individual Tax collections totaled $1.29 billion.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $64.5 million or 39.6 percent
• Individual Withholding payments were down $47.2 million or 4 percent from the previous year
• Individual Income Tax Estimated payments increased by $9.1 million or 6.3 percent over FY 2023
• All other Individual Tax categories, including Return payments, were up a combined $10 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.55 billion for June, for an increase of $43.9 million or 2.9 percent compared to June 2023. Net Sales and Use Tax increased by $5.3 million or 0.7 percent compared to last year, when net sales tax totaled $751.3 million. The adjusted Sales Tax distribution to local governments totaled $791.6 million, for an increase of $41.9 million or 5.6 percent, while Sales Tax refunds decreased by $3.3 million or 43.1 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $537.4 million, for an increase of $128.5 million or 31.4 percent compared to June FY 2023.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voids) were down $161.6 million or 91.5 percent from FY 2023
• Corporate Tax Estimated payments decreased by $60.1 million or 13.9 percent from the previous year
• Corporate Income Tax Return payments increased by $1.1 million or 2.8 percent over last fiscal year
• All other Corporate Tax types, including Tax Assessment payments, were up a combined $25.9 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $9 million or 4.7 percent compared to FY 2023.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees for June decreased by $2.1 million or 6 percent while Title Ad Valorem Tax (TAVT) collections increased by roughly $1 million or 1.3 percent over last year.
