October Net Tax Revenues Up 9.3%
Atlanta, GA – The State of Georgia’s net tax collections in October approached $2.71 billion for an increase of $230.2 million, or 9.3 percent, compared to October of FY 2022 when net tax collections totaled nearly $2.48 billion. Year-to-date, net tax revenue collections totaled $10.32 billion for an increase of $744 million, or 7.8 percent, over FY 2022.
The changes within the following tax categories account for October’s overall net tax revenue increase: Individual Income Tax: Individual Income Tax collections in October totaled $1.56 billion for an increase of $243.3 million, or 18.4 percent, compared to FY 2022 when net Individual Tax revenues totaled nearly $1.32 billion. The following notable components within Individual Income Tax combine for the net increase: Individual Income Tax refunds issued (net of voided checks) increased by $18.4 million or 9.7 percent Individual Withhold ing payments increased by $152 million, or 14 percent, compared to FY 2022 Individual Income Tax Return payments were up $96.2 million, or 29.4 percent, over last year All other Individual Tax categories, including Non-Resident Tax payments, were up a combined $13.5 million Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.49 billion in October for an increase of $183.1 million, or 14 percent, over FY 2022. Net Sales and Use Tax increased by $108.7 million, or 16.6 percent, compared to October 2021 when net Sales Tax revenue totaled $654.9 million. The adjusted Sales Tax distribution to local governments totaled $722.4 million for an increase of $80 million, or 12.5 percent, over the previous fiscal year.
Corporate Income Tax: Net Corporate Income Tax collections increased by $11.4 million, or 12 percent, compared to October 2021 when net Corporate Tax revenues totaled $95.1 million for the month.
The following notable components within Corporate Income Tax make up the net increase: Corporate Tax re funds issued (net of voids) decreased by $27.1 million, or -59.3 percent, from last year Corporate Income Tax Estimated payments were up $1.4 million, or 2.5 percent, over the previous year Corporate Income Tax Return payments declined by $11.8 million, or -19.6 percent, compared to FY 2022 All other Corporate Tax categories, including Corporate Net Worth, were down a combined $5.3 million Motor Fuel Taxes: Motor Fuel Tax collections in October decreased by $165.6 million, or -99 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax into mid-November.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fee collections declined by $2.3 million, or -6.7 percent, compared to last year when Motor Vehicle fees totaled $35.3 million, while Title ad Valorem Tax (TAVT) collections increased by $3.1 million, or 4.6 percent, over last year’s total of $66.4 million.
