Georgia reports a rise in net tax revenues for the start of FY25

The State of Georgia's net tax collections for the first month of FY 2025 totaled $2.56 billion, marking an increase of $66.3 million or 2.7 percent over July 2023 (FY 2024), when net tax collections amounted to nearly $2.50 billion.

Changes within various tax categories contributed to July’s overall net tax revenue increase:

Individual Income Tax collections for the month decreased by $5.2 million or 0.4 percent, down from approximately $1.26 billion in July 2023 (FY 2024). Notable components within Individual Income Tax include a $3.8 million or 3.6 percent increase in refunds issued (net of voided checks), a decline of $12.7 million or 1.0 percent in Income Tax Withholding payments, a rise of $3.9 million or 23.3 percent in Estimated payments, and a combined increase of $7.4 million in all other Individual Income Tax categories.

Gross Sales and Use Tax collections in July reached nearly $1.60 billion, an increase of $68.3 million or 4.5 percent over FY 2024 figures. Net Sales and Use Tax increased by $36.8 million or 4.8 percent compared to July 2023, when net Sales Tax revenue was $772.2 million. The adjusted Sales Tax distribution to local governments rose by $28.7 million to total $776.7 million, while Sales Tax refunds increased by $2.9 million or 42.9 percent compared to July FY 2024.

Corporate Income Tax collections for July amounted to $123.9 million, reflecting an increase of $27.4 million or 28.4 percent from FY 2024, when net Corporate Tax revenues were at $96.5 million.

Notable components within Corporate Income Tax include a decrease in refunds issued (net of voids) by $23.2 million or 110 percent from FY 2024 levels, an increase in Estimated payments by $10.5 million or 17 percent over July 2023 (FY ’24), and a combined decrease of $6.3 million in all other Corporate Income Tax payments including Return payments.

Motor Fuel Tax collections for July saw an increase of $8.2 million or 4 .5percent over July 2023 figures, which stood at$183 .1million for the month.

Motor Vehicle Tag & Title Fee collections for the month increased by$3 .6millionor12 .7percent ,whileTitleadValoremTax(TAVT)collectionsdecreasedby$6 .4millionor8 .7percentcomparedtothepreviousfiscalyear .