The State of Georgia reported a rise in net tax collections for February, totaling approximately $2.13 billion. This marks an increase of $94.2 million or 4.6% compared to the same month last year when collections reached $2.03 billion. Year-to-date figures show total net tax revenue collections at $21.53 billion, up by $379.2 million due largely to the resumption of the state’s motor fuel excise tax, which had been suspended during FY 2024.
Adjusting for changes related to the motor fuel tax, year-to-date net tax revenue collections through February 28 decreased by $82.7 million or 0.4%.
Individual Income Tax collections saw a significant increase, reaching about $1.01 billion in February, up by $130.5 million or 14.9% from the previous year’s figure of $878.8 million.
Components contributing to this increase include:
– A decrease in Individual Income Tax refunds issued (net of voided checks) by $55.7 million or 12.1%.
– An increase in Income Tax Withholding payments by $64.7 million or 5.2%.
– A rise in Individual Income Tax Return payments by $4.2 million or 10.3%.
– All other Individual Tax categories, including Estimated Tax payments, rose collectively by $5.9 million.
Gross Sales and Use Tax collections for February were nearly $1.45 billion, reflecting an increase of $34.4 million or 2.4%. However, Net Sales and Use Tax declined by $18.2 million or 2.6%, with adjusted distributions to local governments increasing by $46.2 million and Sales Tax refunds rising by $6.4 million.
Corporate Income Tax revenues fell by $14.4 million or 16% compared to last year’s figure of approximately $88 .9million.
Key factors for this decline include:
– A reduction in Corporate Income Tax refunds issued (net of voids) amounting to a decrease of$10millionor31.
– CorporateIncomeTaxEstimatedpaymentsdeclinedby$19.
– AllotherCorporateTaxpaymentsdecreasedbyacombined$ .
Motor Fuel Taxes collected increased slightlyby$3.millionor %fromlastyear’sfigureof$
Collections from Motor Vehicle Tag & Title Fees decreased slightly while Title ad ValoremTax(TAVT)collectionsroseby$
