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State Budget Surpluses May Decrease As Tax Revenue Declines

After several years of historic surpluses in the state budget, Georgia lawmakers may have fewer dollars in the state’s coffers next year.

Year-to-date tax revenues have declined by over 4%. Net tax revenue totaled about $23 billion, over $115 million less than revenues from the same nine-month period in Fiscal Year 2023. Those revenue totals were adjusted to account for the suspension of the state’s gas tax last year.

Declines in revenue from several tax categories help explain the change. The reduction in income tax rates, which was accelerated by Governor Brian Kemp earlier this year, resulted in a decrease of $191 million collected by the state. That’s a decline of about 16% compared to last year.

In addition, revenues from corporate income tax declined by almost 30% since last year, totaling almost $357 million.

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