State News

Despite gas tax moratorium, Georgia tax revenues continue to rise

(The Center Square) — Georgia continues to see its tax collections increase.

In October, the state’s net tax collections exceeded $2.7 billion, an increase of 9.3%, or $230.2 million, compared to last October when net tax collections approached $2.5 billion.

So far this fiscal year, net tax revenue collections have exceeded $10.3 billion, an increase of 7.8%, or $744 million, over the same period last fiscal year.

In October, individual income tax collections exceeded $1.5 billion, an increase of 18.4%, $243.3 million. Last year, individual tax revenues surpassed $1.3 billion.

Gross sales and use tax collections approached $1.5 billion in October, an increase of 14%, or $183.1 million, over fiscal 2022. Net sales and use tax collections ticked up 16.6%, or $108.7 million, compared to last October when net sales tax revenue totaled $654.9 million.

Net corporate income tax collections increased by 12%, or $11.4 million, compared to October 2021, when net revenues totaled $95.1 million for the month.

Meanwhile, motor fuel tax collections in October were down by more than $165.5 million from a year ago. So far this fiscal year, motor fuel tax collections are down by nearly $674.3 million from last fiscal year.

Gov. Brian Kemp, a Republican, has signed a series of orders to suspend the state’s collection of taxes on motor and locomotive fuel. Earlier this month, Kemp signed an extension that runs through Dec. 11.

By T.A. DeFeo | The Center Square contributor

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