Georgia’s October net tax revenue up by 9.3 percent compared to last year
The state of Georgia collected nearly $2.71 billion in tax revenue this October for a total increase of $230.2 million compared to October last year.
The Individual Income Tax accounted for over half of the total tax revenue, drawing in a net of $1.32 billion. Individual Withholding Payments and Individual Income Tax return payments increased by 14 percent and 29.4 percent respectively. State income from the Sales and Use Tax also grew; the adjusted Sales Tax distribution to local governments increased by a steady 12.5% for a total of $722.4 million.
Money did come from other sources, including the Corporate Income Tax, which added a net of $95.1 million. Part of this increase is explained by a 59.3 percent decrease in Corporate Tax refunds and a 19.6 percent decrease in Corporate Income Tax Return payments.
The starkest difference lay in the near total decline in revenue from Motor Fuel Taxes as Governor Kemp extended the suspension of fuel taxes until mid-November as the supply of gas remains limited.
Overall, these changes bring Georgia’s net tax revenue this month up by 9.3 percent compared to October of FY 2022. Year-to-date, net tax revenue collections also increased by 7.8 percent over FY 2022.