(The Center Square) — Georgia’s net tax collections for March decreased by 3% from a year ago, new state revenue figures show.
While collections for the month surpassed $2.6 billion, the total was more than $82.7 million less than net tax collections a year ago.
Despite the decrease in March, the Peach State’s year-to-date net tax collections exceeded $23.6 billion, an increase of 4.8%, or nearly $1.1 billion from last year. In 2022, net tax revenues totaled more than $22.5 billion through three quarters of the state’s fiscal year.
According to state officials, part of the decrease stems from individual income tax collections, which decreased by 25.2%, or $400.1 million, to roughly $1.2 billion. Last year, individual income tax collections totaled nearly $1.6 billion.
State officials also reported that individual income tax refunds increased by 121.9%, or $392.9 million, while individual withholding payments increased by 6%, or $93.9 million, from last fiscal year.
Concurrently, corporate income tax collections increased 142.9%, or $292.8 million, over last year, totaling $497.7 million.
Additionally, gross sales and use tax collections in March totaled more than $1.3 billion, an increase of 6% or $76.5 million, over last year. Meanwhile, net sales and use tax collections increased by 3.8%, or roughly $24.2 million, from last March.
During the first three quarters of the fiscal year, motor fuel tax collections totaled $271.9 million, down by 81.8% from the nearly $1.5 billion collected at this point during the last fiscal year. Gov. Brian Kemp, a Republican, signed a series of measures to suspend the state’s gas tax collection in the wake of higher inflation.
By T.A. DeFeo | The Center Square contributor