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February tax collection in Georgia a mixed bag

Library of Congress

Georgia's February net tax collections stood at $2.03 billion, reflecting a 4.3 percent decrease from FY 2023. Year-to-date, net tax revenue reached $21.15 billion, with a 1.1 percent increase attributed mainly to the reinstated motor fuel excise tax. Excluding motor fuel tax changes, revenues for the eight months ended February 29 dropped 3.1 percent compared to the prior year.

Individual Income Tax collections hit $878.8 million, down 18.9 percent, influenced by a substantial 53.5 percent increase in tax refunds issued. Sales and Use Tax collections rose to $1.41 billion, a 3.2 percent increase, with net Sales and Use Tax up by 3.0 percent.

Corporate Income Tax collections surged by 84.4 percent to $88.9 million in February, driven by significant increases in both refunds and return payments. Motor Fuel Tax collections soared by 48.4 percent, marking a rebound after Governor Kemp's Executive Order suspension. Motor Vehicle Tag & Title Fees and Title Ad Valorem Tax collections also showed modest increases.