The State of Georgia’s tax collections during the month of August totaled $2.28 billion for a decrease of $25.4 million, or -1.1 percent, compared to August 2022 when net tax collections totaled nearly $2.31 billion. $181.6 million of August tax revenue changes were the result of the reinstatement of the Motor Fuel Excise Tax. Excluding Motor Fuel Tax revenues and prior year related local sales tax distributions made in August, all other net tax collections decreased by -4.8 percent, or $110 million, compared to August 2022.
The changes within the following tax categories account for August’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections during the month totaled $1.25 billion, down from a total of $1.32 billion in August 2022 for a decrease of $68.2 million or -5.2 percent.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) increased by $7.2 million or 9 percent
• Income Tax Withholding payments in August decreased by $17.4 million, or -1.4 percent, from FY 2023
• Individual Income Tax Return payments decreased by $5.8 million, or -13.1 percent, compared to FY 2023
• All other Individual Tax categories, including Estimated Tax payments, were down a combined $37.8 million
Sales and Use Tax: Gross Sales and Use Tax collections for August totaled nearly $1.52 billion, which was an increase of $43.8 million, or 3 percent, over FY 2023. Net Sales and Use Tax, however, decreased by $74.1 million, or -10.1 percent, compared to August 2022 when net Sales Tax revenue totaled $736.4 million. The adjusted Sales Tax distribution to local governments totaled $815.8 million, for an increase of $79.6 million or 10.8 percent over the previous fiscal year, while Sales Tax refunds increased by $38.2 million compared to FY 2023. This includes $97.1 million in additional Sales Tax distribution to local governments…
Read the full article here