The state’s tax revenue decreased in March. Net tax collections for the state of Georgia were down almost $2.68 billion, or three percent compared to March 2022. Much of the revenue loss came through Individual income taxes, where tax collections fell by over $400 million dollars, or 25 percent compared to last when collections total nearly 160 billion.
Sales and Use tax, corporate income tax, and motor fuel taxes all showed increases.
Additionally, motor vehicle tag and title fees were down by 10 percent, while title ad valorem tax increased.
Tax Revenue:
Individual Income Tax: Individual Income Tax collections fell by $400.1 million, or -25.2 percent, to a total of nearly $1.19 billion compared to last year when Income Tax collections totaled roughly $1.59 billion.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) were up $392.9 million, or 121.9 percent • Individual Withholding payments increased by $93.9 million, or 6 percent, compared to last fiscal year • Individual Income Tax Non-Resident Return payments were down $70.9 million, or -49.6 percent, from FY 2022 • All other Individual Tax categories, including Return payments, were down a combined $30.2 million
Sales and Use Tax: Gross Sales and Use Tax collections for March totaled roughly $1.34 billion, for an increase of $76.5 million or 6 percent, over FY 2022. Net Sales and Use Tax increased by nearly $24.2 million or 3.8 percent, compared to March 2022, when net sales tax totaled $636.2 million. The adjusted Sales Tax distribution to local governments totaled $668.5 million, for an increase of $40.3 million or 6.4 percent, compared to FY 2022. Lastly, Sales Tax refunds increased by $12.1 million or 324.2 percent, compared to March 2022.
Corporate Income Tax: Corporate Income Tax collections totaled $497.7 million, for an increase of $292.8 million or 142.9 percent over last year, when Corporate Tax collections totaled $204.9 million in March.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were up $42.8 million, or 972 percent • Corporate Income Tax Return payments increased by $230.7 million, or 530.4 percent, over last year • All other Corporate Tax types, including S-Corp and Estimated payments, were up a combined $104.9 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $1.4 million, or 0.9 percent, over March FY 2022.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $4.1 million, or -10.5 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 5.9 percent, compared to last year, when TAVT totaled
Individual Income Tax: Individual Income Tax collections fell by $400.1 million,
or -25.2 percent, to a total of nearly $1.19 billion compared to last
year when Income Tax collections totaled roughly $1.59 billion.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) were up $392.9 million, or 121.9 percent
• Individual Withholding payments increased by $93.9 million, or 6 percent, compared to last fiscal year
• Individual Income Tax Non-Resident Return payments were down $70.9 million, or -49.6 percent, from FY 2022
• All other Individual Tax categories, including Return payments, were down a combined $30.2 million
Sales and Use Tax:
Gross Sales and Use Tax collections for March totaled roughly $1.34
billion, for an increase of $76.5 million or 6 percent, over FY 2022.
Net Sales and Use Tax increased by nearly $24.2 million
or 3.8 percent, compared to March 2022, when net sales tax totaled
$636.2 million. The adjusted Sales Tax distribution to local governments
totaled $668.5 million, for an increase of $40.3 million or 6.4
percent, compared to FY 2022. Lastly, Sales Tax refunds increased by
$12.1 million or 324.2 percent, compared to March 2022.
Corporate Income Tax: Corporate Income Tax collections totaled $497.7 million, for an increase of $292.8 million or 142.9 percent over last year, when Corporate Tax collections totaled $204.9 million in March.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were up $42.8 million, or 972 percent
• Corporate Income Tax Return payments increased by $230.7 million, or 530.4 percent, over last year
• All other Corporate Tax types, including S-Corp and Estimated payments, were up a combined $104.9 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $1.4 million, or 0.9 percent, over March FY 2022.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $4.1 million, or -10.5 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 5.9 percent, compared to last year, when TAVT totaled
