ATLANTA ~ Georgia's Net Tax Collections Increase in February

In the month of February, the State of Georgia saw a significant increase in net tax collections, reaching a total of $2.13 billion. This marks an increase of $94.2 million, or 4.6%, compared to the same period in 2024 when net tax collections totaled $2.03 billion.

Year-to-date, net tax revenue collections have reached $21.53 billion, showing an overall increase of $379.2 million. This growth can be attributed to the collection of the state's motor fuel excise tax, which was suspended for two and a half months during FY 2024 by Executive Order.

However, after adjusting for the motor fuel tax changes, year-to-date net tax revenue collections for the period-ending February 28 were down by $82.7 million or 0.4%.

The increase in net tax revenue can be attributed to changes within various tax categories:

Individual Income Tax: Individual Income Tax collections saw a significant increase in February, totaling approximately $1.01 billion. This marks an increase of $130.5 million or 14.9% compared to last year when net Individual Tax revenue totaled $878.8 million.

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Several notable components contributed to this increase:

- Individual Income Tax refunds issued (net of voided checks) decreased by $55.7 million or 12.1%

- Income Tax Withholding payments increased by $64.7 million or 5.2%

- Individual Income Tax Return payments increased by $4.2 million or 10.3%

- All other Individual Tax categories, including Estimated Tax payments, saw a combined increase of $5.9 million.

Sales and Use Tax: Gross Sales and Use Tax collections reached nearly $1.45 billion in February, showing an increase of $34.4 million or 2.4% over FY 2024. However, net Sales and Use Tax declined by $18.2 million or 2.6% compared to last year when it totaled approximately $701 million.

The adjusted Sales Tax distribution to local governments saw an increase of $46.2 million, while Sales Tax refunds increased by $6.4 million.

Corporate Income Tax: Corporate Income Tax collections saw a decrease of $14.4 million or 16.2% in February compared to FY 2024 when net Corporate Tax revenues totaled $88.9 million for the month.

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The following notable components contributed to this decrease:

- Corporate Income Tax refunds issued (net of voids) decreased by $10 million or 31.9%

- Corporate Income Tax Estimated payments declined by $19.8 million or 45.9%

- All other Corporate Tax payments, including Corporate Return payments, saw a combined decrease of $4.6 million.

Motor Fuel Taxes: Motor Fuel Tax collections saw an increase of $3.7 million or 2.1% in February compared to last year when it totaled $176.7 million in FY 2024.

Motor Vehicle – Tag, Title & Fees: Motor Vehicle Tag & Title Fee collections saw a decrease of approximately $0.7 million or -1.5%, while Title ad Valorem Tax (TAVT) collections increased by $3.2 million or 4.3%.

Overall, the State of Georgia has seen a significant increase in net tax collections for the month of February, driven primarily by changes in Individual Income and Sales and Use Taxes, while experiencing decreases in Corporate Income and Motor Vehicle Taxes.

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