Trending...
Atlanta, GA ~ Atlanta, GA - The State of Georgia has reported an increase in net tax collections for the month of November, reaching a total of $2.38 billion. This marks a $52.9 million increase from the previous fiscal year, representing a 2.3% growth. Year-to-date, net tax revenue collections have totaled nearly $13.02 billion, with a slight decrease of $8.3 million or 0.1% compared to November 2023.

The year-to-year comparisons were impacted by the suspension of motor fuel taxes in 2023, which resulted in a decrease in revenues for the month of November by 3.4%. Similarly, year-to-date collections were down by 2.2%. Additionally, the recent hurricane-related income tax filing and payment deadline extensions announced on October 3 have also negatively impacted net collections for November.

The extension of return and payment deadlines for both individual and corporate income taxes until May 1, 2025 is expected to reduce collections for these categories except for payroll withholding collections.

More on Georgia Chron
The increase in net tax revenue for November can be attributed to changes within various tax categories:

Individual Income Tax: Individual Income Tax collections totaled approximately $1.18 billion in November, showing a decrease from last fiscal year's total of $1.29 billion by $106.4 million or 8.3%. This decrease can be attributed to several notable components within Individual Income Tax:

- Individual Income Tax refunds issued (net of voided checks) decreased by $11.6 million or 14.4%

- Income Tax Withholding payments decreased by $113.7 million or 8.9%

- Individual Income Estimated Tax payments increased by $2.8 million or 21.5%

- All other Individual Tax categories, including Tax Return payments, were down by a combined $7.1 million

Sales and Use Tax: Gross Sales and Use Tax collections for November totaled approximately $1.60 billion, showing an increase of $97.3 million or 6.5% compared to last fiscal year. Net Sales and Use Tax also increased by $44.1 million or 5.9%, while the adjusted Sales Tax distribution to local governments increased by $50.2 million or 6.7%. Sales Tax refunds also saw a slight increase of $3 million compared to last year.

More on Georgia Chron
Corporate Income Tax: Corporate Income Tax collections for November showed a decline of $12.9 million or 30.6% compared to last year's total of $42.3 million. This decrease can be attributed to the following notable components:

- Corporate Income Tax refunds issued (net of voids) increased by $2.2 million or 7.5%

- Corporate Income Estimated Tax payments decreased by $11.2 million or 25.7%

- All other Corporate Tax payments, including Tax Return payments, saw a combined increase of $0.5 million

Motor Fuel Taxes: Motor Fuel Tax collections for November showed an increase of $130.8 million compared to last year when Governor Kemp's Executive Order suspended fuel taxes, resulting in no fuel tax collections for the month.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November saw a slight decrease of just $0.1 million or 0.2% compared to last year's total of approximately $30.6 million, while Title ad Valorem Tax (TAVT) collections increased by almost $2 million or 2.8%.

Overall, the State of Georgia has seen an increase in net tax revenue for the month of November, with notable changes within various tax categories contributing to this growth.

Filed Under: Government, State

Show All News | Report Violation

0 Comments

Latest on Georgia Chron