July Net Tax Revenues Up 2.7% to begin FY 2025

The State of Georgia’s net tax collections for the first month of FY 2025 totaled $2.56 billion, an increase of $66.3 million or 2.7 % over July 2023 (FY 2024), when net tax collections totaled almost $2.50 billion, according to a report issued by the Office Governor Brian Kemp on Tuesday, August 13.

The changes within the following tax categories account for July’s overall net tax revenue increase: Individual income tax collections for the month decreased by $5.2 million or 0.4 %, down from roughly $1.26 billion in July 2023 (FY 2024).

The following notable components within individual income tax combine for the net decrease: • Individual income tax refunds issued (net of voided checks) increased by $3.8 million or 3.6 % • Income tax with holding payments for July declined by $12.7 million or 1.0% from FY 2024 • Individual income tax estimated payments increased by $3.9 million or 23.3 % over July 2023 • All other individual income tax categories, including return payments, were up a combined $7.4 million Gross sales and use tax collections in July totaled nearly $1.60 billion, an increase of $68.3 million or 4.5 % over FY 2024. Net sales and use tax increased $36.8 million or 4.8 % compared to July 2023, when net sales tax revenue totaled $772.2 million. The adjusted sales tax distribution to local governments totaled $776.7 million, an increase of $28.7 million over last year, while sales tax refunds increased by $2.9 or 42.9 % compared to July FY 2024.

Corporate income tax collections for July totaled $123.9 million, an increase of $27.4 million or 28.4 % from FY 2024, when net corporate tax revenues totaled $96.5 million.

The following notable components within corporate income tax make up the net increase: • Corporate income tax refunds issued (net of voids) were down $23.2 million or 110.1 % from FY 2024 • Corporate income tax estimated payments increased by $10.5 million or 17.0 % over July 2023 (FY ’24) • All other corporate income tax payments, including return payments, were down a combined $6.3 million.

Motor fuel tax collections for July increased by $8.2 million or 4.5% over July 2023, when motor fuel tax collections totaled $183.1 million for the month.

Motor vehicle tag and title fee collections for the month increased by $3.6 million or 12.7 %, while title ad valorem tax (TAVT) collections decreased by $6.4 million or 8.7% compared to the previous fiscal year.