Peach Tree Times

Atlanta, GA – The State of Georgia’s net tax collections in June totaled $2.84 billion, for a decrease of $10.9 million, or -0.4 percent, compared to June 2022, when net tax collections totaled $2.85 billion. Year-to-date net tax collections totaled $33.13 billion, for an overall increase of $40.3 million, or 0.1 percent, compared to Fiscal Year 2022, when net tax revenues totaled $33.09 billion for the year.

The changes within the following tax categories help further explain June’s overall net tax revenue decrease:

Individual Income Tax: Individual Income Tax collections decreased by $185.8 million, or -12.6 percent, to a total of $1.29 billion compared to last year, when net Income Tax collections totaled nearly $1.48 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 $56.8 million, or 53.6 percent

• Individual Withholding payments declined slightly by $0.5 million, or -.04 percent, from Fiscal Year 2022

• Individual Income Tax Return payments were down $11.4 million, or -15.1 percent, from June 2022

• All other Individual categories, including Estimated Return payments, were down a combined $117.1 million

Sales and Use Tax: Gross Sales and Use Tax collections during June totaled nearly $1.51 billion, for an increase of $49.1 million, or 3.4 percent, over Fiscal Year 2022. Net Sales and Use Tax increased by $28.7 million, or 4 percent, over June 2022, when net sales tax totaled $722.5 million. The adjusted Sales Tax distribution to local governments totaled $749.8 million, for an increase of $20.3 million, or 2.8 percent, compared to Fiscal Year 2022. Lastly, Sales Tax refunds increased slightly by $0.1 million, or 1.3 percent, compared to June 2022.

Corporate Income Tax: Corporate Income Tax collections declined by $70.5 million, or -14.7 percent, compared to Fiscal Year 2022, when net Corporate Tax collections totaled $479.4 million for the month.

The following notable components within Corporate Income Tax make up the net decrease:

• Corporate Income Tax refunds issued (net of voided checks) were up $145.1 million, or 458.6 percent

• Corporate Income Tax Estimated payments increased by $14.4 million, or 3.4 percent, over FY 2022

• All other Corporate Tax categories, including S-Corp and Return payments, were up $60.2 million

Motor Fuel Taxes: Motor Fuel Tax collections for June increased by $191.2 million over Fiscal Year 2022, when Governor Kemp’s Executive Order to suspend the Motor Fuel Excise Tax was in effect during the entire month.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $4.9 million, or 16.7 percent, from June 2022, while Title Ad Valorem Tax (TAVT) collections increased by $4.2 million, or 6 percent, compared to Fiscal Year 2022, when TAVT totaled $70.7 million.

Original source can be found here.