The State of Georgia’s net tax collections during the month of September totaled nearly $3.3 billion, for an increase of $199.1 million or 6.4 percent compared to September 2022, when net tax collections totaled almost $3.1 billion for the month. $199.8 million of September’s 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 distribution adjustments made in the current fiscal year, all other September net tax collections decreased by 3.2 percent, or $97.8 million compared to September 2022.
On a year-to-date basis, total revenues were up 6.1 percent or $463 million from the same three months last year, driven mostly by collection of the state motor fuel tax that was suspended throughout the same time period in 2022. Net of the motor fuels tax changes and local sales tax distribution adjustments, revenues for the three months ended September 30 were down 1.3 percent from this time a year ago.
The changes within the following tax categories account for September’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections during September totaled $1.39 billion, down from a total of $1.55 billion in fiscal year 2023, for a decrease of $163.4 million or 10.5 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 $52.5 million or 70.4 percent.
* Income Tax Withholding payments for September increased by $51.7 million or 4.5 percent over FY 2023.
* Individual Income Tax Estimated payments decreased by $94.5 million or 36.9 percent from FY 2023.
* Individual Income Tax Return payments decreased by $24.3 million or 25.4 percent compared to FY 2023.
* All other Individual Tax categories, including Estimated Tax payments, were down a combined $43.6 million.
Sales and Use Tax: Gross Sales and Use Tax…
Read the full article here