Tax revenues in Georgia declined in June. The loss is attributed to the gas tax suspension and increased income tax refunds. The drop amounted to 6.8 percent when compared to the same period last year. The bulk of it was driven by a nearly $197 million decline in motor fuel excise tax collections, which Gov. Brian Kemp’s office attributed to his executive order extending the suspension of that tax from May 20 through June 3.
Another big driver was an increase in individual income tax refunds, up nearly $67 million, or about 71%. That contributed to a nearly $100 million decline in individual income tax collections compared to June last year. Most eligible taxpayers also benefited from House Bill 1000 this year, which passed the General Assembly unanimously, with an estimated price tag of nearly $1.2 billion.
