ATLANTA ~ Georgia's Net Tax Collections Increase by 4.1 Percent in June

According to recent data released by the State of Georgia, net tax collections for the month of June totaled approximately $3.15 billion, marking an increase of $124.3 million or 4.1 percent compared to the same period in FY 2024 when net tax collections were at $3.03 billion.

The year-to-date net tax revenue also saw a significant increase, totaling almost $33.62 billion, which is a jump of $668.3 million from the previous fiscal year. This growth was largely driven by the State's collection of motor fuel excise tax, which had been suspended for two and a half months during the fall quarter of FY 2024 due to an Executive Order.

After adjusting for the changes in motor fuel taxes, year-to-date net tax revenue collections for the fiscal year ended June 30 showed an increase of $197.4 million or 0.6 percent.

The breakdown of tax categories further explains the overall increase in net tax revenue for June:

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Individual Income Tax collections reached approximately $1.49 billion, showing a significant increase of $166.1 million or 12.5 percent compared to last year's collection of $1.33 billion.

Several notable components contributed to this growth, including a decrease in individual income tax refunds issued (net of voided checks) by $4.3 million or -4.3 percent, an increase in individual withholding payments by $75.4 million or 6.7 percent from last fiscal year, and a rise in individual income tax return payments by $81.6 million or 118 percent from June 2024.

Sales and Use Tax collections also saw an uptick in June, with gross sales and use tax totaling $1.59 billion and showing an increase of $38.2 million or 2.5 percent compared to FY 2024. Net sales and use tax also increased by $21.2 million or 2.8 percent from the previous year, while the adjusted sales tax distribution to local governments saw a slight increase of $3.7 million or 0.5 percent.

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On the other hand, corporate income tax collections for the month totaled $484.7 million, which was a decrease of $52.7 million or -9.8 percent compared to last year's total of $537.4 million.

The decrease in corporate income tax collections can be attributed to an increase in refunds issued (net of voids) by $23.8 million or 157.5 percent and a decrease in estimated payments by $14.8 million or -4.0 percent from June 2024.

Motor fuel tax collections saw a slight decline of $0.5 million or -0.3 percent compared to FY 2024, while motor vehicle tag and title fees decreased by $2 million or -6.2 percent for the month.

However, there was an increase in Title Ad Valorem Tax (TAVT) collections by $1.6 million or 2.1 percent over June 2024.

Overall, Georgia's net tax collections for June showed a positive trend with significant increases in individual income tax and sales and use tax collections, offsetting the decline in corporate income tax and motor fuel taxes.

The State's strong financial performance is a promising sign for its economy as it continues to recover from the impact of the pandemic on its revenue streams.

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