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Friday, November 15, 2024

Georgia's combined tax revenues down 4.4% in Q1 compared to same quarter of the previous year

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Frank O’Connell Commissioner of Revenue at Georgia Department of Revenue | Georgia Department of Revenue

Frank O’Connell Commissioner of Revenue at Georgia Department of Revenue | Georgia Department of Revenue

Georgia collected $7.6 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 4.4% decrease from the same quarter of the previous year, when combined tax revenues were $7.9 billion.

The majority of the state's tax revenue was collected through income taxes ($4.1 billion) and sales and gross receipts taxes ($3 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q1 Georgia Tax Collections

Type of TaxAmount (millions)
Income Taxes$4,132
License Taxes$174
Other Taxes$45
Property Taxes$212
Sales and Gross Receipts Taxes$3,010

Source: U.S. Census Bureau

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