The State of Georgia’s net tax collections in the month of January totaled $3.05 billion, for an increase of $62.7 million, or 2.1 percent, compared to January 2023 when net tax collections approached $2.99 billion for the month. Year-to-date, net tax revenue totaled $19.12 billion, for an increase of $315.7 million, or 1.7 percent, over the same period in FY 2023, an increase that was driven principally by the collection of the state’s motor fuel excise tax that was suspended during the first seven months of last year. Net of motor fuel tax changes, revenues for the seven months ended January 31 were down 2.7 percent from this time a year ago.
The changes within the following tax categories account for January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for January approached $1.67 billion, down from a total of nearly $1.67 billion in fiscal year 2023, for a decrease of $5.6 million or -0.3 percent.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) decreased by $0.7 million or 0.5 percent
• Income Tax Withholding payments increased by $81.4 million or 6.1 percent over January FY 2023
• Individual Income Tax Estimated payments decreased by $69 million or -21.7 percent from FY 2023
• All other Individual Tax categories, including Tax Return payments, were down a combined $18.7 million
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.74 billion, for an increase of $11.7 million, or 0.7 percent, over FY 2023. Net Sales and Use Tax increased by $1.8 million or 0.2 percent compared to last year, when net Sales Tax totaled $869.1 million. The adjusted Sales Tax distribution to local governments totaled $859.6 million for an increase of $12.1 million, while Sales Tax refunds declined by $2.2 million.
Corporate Income Tax: Corporate Income Tax collections for the…
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