Georgia's net tax revenues rise by over two percent in August

Governor Brian Kemp (2022-2026) | GOVERNOR BRIAN P. KEMP OFFICE of the GOVERNOR

The State of Georgia’s net tax collections for August amounted to nearly $2.34 billion, marking an increase of $54.3 million or 2.4 percent compared to August 2023 (FY 2024), when net tax collections were $2.28 billion. Year-to-date, net tax revenue collections totaled $4.90 billion, reflecting an increase of $120.6 million or 2.5 percent compared to FY 2024, which saw net tax collections of $4.78 billion after two months.

The changes within the following tax categories account for August’s overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections for the month totaled nearly $1.14 billion, a decrease of $114.5 million or 9.1 percent from $1.25 billion in August of FY 2024.

Notable components within Individual Income Tax contributing to the net decrease include:

- Individual Income Tax refunds issued (net of voided checks) decreased by $15 million or 17.3 percent.

- Income Tax Withholding payments in August decreased by $125 million or 10.1 percent from FY 2024.

- Individual Income Tax Estimated payments decreased by $2.5 million or 11.5 percent compared to FY 2024.

- All other Individual Tax categories, including Return Tax payments, were down a combined $2 million.

Sales and Use Tax: Gross Sales and Use Tax collections for August totaled nearly $1.58 billion, an increase of $57.7 million or 3.8 percent over FY 2024. Net Sales and Use Tax increased by $97.2 million or 14.7 percent compared to August 2023, when net Sales Tax revenue was $662.4 million. The adjusted Sales Tax distribution to local governments totaled $811.8 million, a decrease of roughly $4 million or 0.5 percent from the previous fiscal year, while Sales Tax refunds declined by $35.6 million compared to FY 2024.

Corporate Income Tax: Corporate Income Tax collections for August amounted to $44.3 million, an increase of $46.1 million compared to last year when refunds outstripped tax revenue collections by $1.85 million.

Notable components within Corporate Income Tax contributing to the net increase include:

- Corporate Income Tax refunds issued (net of voids) were down by $30.3 million or 52.7 percent from FY 2024.

- Corporate Income Tax Estimated payments increased by $7.2 million or 31.2 percent from August 2023.

- All other Corporate Tax payments, including Corporate Return payments, were up a combined $8.6 million.

Motor Fuel Taxes: Motor Fuel Tax collections for August were reported at $193.2 million, an increase of $10.9 million or 6 percent compared to FY 2024 when motor fuel excise taxes totaled $182.3 million for the month.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for August decreased by nearly $7.5 million or 17% while Title ad Valorem Tax (TAVT) collections increased by approximately $12 .8 million or 20 .8% over the previous fiscal year.