Atlanta, GA ~ In the state of Georgia, net tax collections for the month of March have decreased by 12.6 percent compared to the same time period in FY 2023. The total net tax revenue for March was $2.34 billion, a decrease of $338.7 million from the previous year's total of $2.68 billion.

For the year-to-date, net tax revenue has also seen a decrease of 0.5 percent, totaling $23.49 billion compared to last year's total of $23.61 billion during the same nine-month period. This decrease can be attributed to the suspension of the state's motor fuel excise tax during this time.

However, when excluding motor fuel tax changes, net revenues for the nine months ended March 31 were down by 4.3 percent from last year.

The decrease in net tax collections can be further explained by changes within specific tax categories. Individual income tax collections saw a significant decrease of 16.1 percent, totaling $998.3 million compared to last year's total of nearly $1.19 billion.

This decrease can be attributed to several factors including a planned reduction in income tax rates effective January 1, 2024 and decreases in individual withholding payments and income tax return payments.

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Sales and use tax collections saw an increase of 5.8 percent compared to March 2023, with gross sales and use taxes totaling $1.42 billion for the month. However, net sales and use taxes decreased by 4.5 percent from last year's total of $660.4 million.

Local governments saw an increase in adjusted sales tax distribution by 9.3 percent, totaling $730.8 million while sales tax refunds increased by a significant amount of 284.7 percent compared to FY 2023.

Corporate income tax collections also saw a notable decrease in March, with a total of $356.7 million, a decrease of 28.3 percent from last year's total of $497.7 million. This decrease can be attributed to decreases in corporate income tax estimated payments and other corporate tax types.

On the other hand, motor fuel tax collections saw an increase of 13.5 percent compared to last year, totaling $21.2 million.

Motor vehicle tag and title fees saw a decrease of 13.5 percent for the month, while title ad valorem tax (TAVT) collections increased by 8.3 percent compared to last year.

Overall, the state of Georgia has seen a decrease in net tax collections for the month of March, with notable decreases in individual income tax and corporate income tax collections. However, there have also been increases in sales and use taxes and motor fuel taxes. These changes can be attributed to various factors such as planned reductions in income tax rates and changes in motor fuel taxes.

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