May Net Tax Revenues Down 1.1%; Adjusted YTD Down 4.3%

The State of Georgia’s net tax collections in May totaled nearly $2.47 billion, for a decrease of $26.3 million or 1.1 percent compared to FY 2023, when net tax collections totaled $2.49 billion for the month.

Year-to-date, net tax revenue totaled $29.9 billion, for a decrease of $367.6 million or 1.2 percent compared to the same eleven-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended until January 10, 2023. Net of motor fuel tax changes, net collection revenues for the 11 months ended May 31 were down 4.3 percent from fiscal year 2023.

The changes within the following tax categories help to further explain May’s overall net tax revenue decrease:

Individual Income Tax: Individual Income Tax collections totaled nearly $1.23 billion, for a decrease of $42.2 million or 3.3 percent compared to last year, when Individual Income Tax collections totaled almost $1.27 billion.

The following notable components within Individual Income Tax combine for the net decrease:

• Individual Income Tax refunds issued (net of voided checks) were down $143.5 million or 49 percent
• Individual Withholding payments were down $66.7 million or 5.3 percent from the previous year
• Individual Income Tax Return payments declined by $55.8 million or 32.9 percent from FY 2023
• All other Individual Tax categories, including Non-Resident payments, were down a combined $63.1 million

Sales and Use Tax: Gross Sales and Use Tax collections totaled roughly $1.53 billion for the month, which was an increase of $51.2 million or 3.5 percent compared to May 2023. Net Sales and Use Tax increased by $3.3 million or 0.4 percent compared to last year, when net sales tax totaled $742.7 million. The adjusted Sales Tax distribution to local governments totaled $767.7 million, for an increase of $42.3 million or 5.8 percent, while Sales Tax refunds increased by $5.6 million or 96.2 percent compared to FY 2023.

Corporate Income Tax: Corporate Income Tax collections for the month totaled $70.9 million, which was a decrease of $38.3 million or 35.1 percent compared to FY 2023.

The following notable components within Corporate Income Tax make up the net decrease:

• Corporate Income Tax refunds issued (net of voids) were up $34.5 million or 497.5 percent over FY 2023
• Corporate Tax Estimated payments increased by $16.2 million or 39.8 percent over the previous year
• Corporate Income Tax Return payments decreased by $9.4 million or 23.1 percent from last fiscal year
• All other Corporate Tax types, including Tax Assessment payments, were down a combined $10.6 million

Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $11.3 million or 6.2 percent compared to May FY 2023.

Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees for May decreased by $0.2 million or 0.7 percent, while Title Ad Valorem Tax (TAVT) collections increased by $9.2 million or 13.8 percent over last year.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Story

FINAL: Bulloch County Election Results – June 18, 2024 Runoff

Next Story

AFPM combats EPA phasing out gas cars with new ads

NEVER MISS A STORY!
Sign Up For Our  Newsletter
Get the latest headlines and stories - and even exclusive content!- sent right to your inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link