The State of Georgia reported a 4.1% increase in net tax collections for June, totaling approximately $3.15 billion. This marks an increase of $124.3 million compared to the same month in the previous fiscal year when collections were about $3.03 billion.
For the fiscal year ending June 30, year-to-date net tax revenue reached nearly $33.62 billion, reflecting an increase of $668.3 million. A significant factor contributing to this growth was the collection of motor fuel excise tax, which had been suspended for two and a half months during the fall quarter of FY 2024 by Executive Order. Adjusted for these changes, year-to-date net tax revenue saw an increase of $197.4 million or 0.6%.
Several tax categories contributed to June’s overall net tax revenue rise:
Individual Income Tax collections amounted to roughly $1.49 billion, up by $166.1 million or 12.5% from last year’s figure of approximately $1.33 billion.
Key components within Individual Income Tax included:
– A decrease in refunds issued (net of voided checks) by $4.3 million or -4.3%
– An increase in Individual Withholding payments by $75.4 million or 6.7%
– An increase in Individual Income Tax Return payments by $81.6 million or 118%
– Other categories such as Estimated payments increased by a combined total of $4.8 million
Sales and Use Tax collections totaled $1.59 billion in June, marking an increase of $38.2 million or 2.5%. Net Sales and Use Tax rose by $21.2 million or 2.8%, with adjusted Sales Tax distribution to local governments increasing by approximately $3.7 million or 0.5%. Sales Tax refunds also rose by $13.3 million compared to the previous fiscal year.
Corporate Income Tax collections decreased to $484.7 million, down by $52.7 million or -9.8% from last year’s total of $537.4 million.
Notable factors within Corporate Income Tax included:
– An increase in refunds issued (net of voids) by $23.8 million or 157%
– A decrease in Estimated payments by $14 .8million or -4%
– Other Corporate Tax types including S-Corporate payments fell by a combined total of$14 .1million
Motor Fuel Taxes saw a slight decrease of$0 .5millionor -0 .3%comparedtoFY2024 .
Motor Vehicle Tag & Title Fees droppedby$2millionor -6 .2%for themonth , whileTitleAdValoremTax(TAVT)collections increasedby$1 .6millionor2 .1 %overJune2024 .
