The State of Georgia’s net tax collections for February totaled over $2.12 billion, for an increase of $169.3 million, or 8.7 percent, compared to February 2022, when net tax collections totaled roughly $1.95 billion. Year-to-date, net tax collections totaled nearly $20.93 billion, for an increase of nearly $1.17 billion, or 5.9 percent, over FY 2022.
Changes within the following tax categories further illustrate February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled roughly $1.08 billion, for an increase of $91.4 million, or 9.2 percent, compared to last year when Individual Tax collections totaled $992.4 million.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $10.2 million or -3.3 percent
• Individual Withholding payments increased by $96.8 million, or 8.1 percent, over the previous fiscal year
• Individual Income Tax Return payments were up $10.4 million, or 31.3 percent, over February 2022
• All other Individual Tax categories, including Non-Resident payments, were down a combined $26 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.37 billion in February, for an increase of $128.1 million, or 10.3 percent, compared to February 2022. Net Sales and Use Tax increased by $65.2 million, or 10.6 percent, compared to FY 2022, when net sales tax totaled $615.5 million. The adjusted Sales Tax distribution to local governments totaled $668.1 million, for an increase of $48.1 million, or 7.8 percent, while Sales Tax refunds increased by roughly $14.9 million, or 188.3 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $48.2 million, which was an increase of $38.2 million, or 382.5 percent, compared to February 2022.
The following notable components within Corporate Income Tax make up the…
Read the full article here
