Peach Tree Times

The State of Georgia reported an increase in net tax collections for November, totaling approximately $2.38 billion. This marks a rise of $52.9 million or 2.3% compared to the same month in fiscal year 2024, which saw collections at $2.32 billion. However, year-to-date figures show a slight decline, with total net tax revenue collections reaching nearly $13.02 billion—a decrease of $8.3 million or 0.1% from November 2023.

These comparisons are influenced by the suspension of motor fuel taxes in 2023. Excluding changes in motor fuel taxes, revenues for November were down by 3.4% from the previous year, while year-to-date collections fell by 2.2%. Additionally, hurricane-related extensions for income tax filing and payment deadlines announced on October 3 impacted the figures negatively.

In November, individual income tax collections amounted to roughly $1.18 billion, showing a decrease of $106.4 million or 8.3% from fiscal year 2024's total of nearly $1.29 billion.

Components contributing to this decline include:

- A decrease in individual income tax refunds issued (net of voided checks) by $11.6 million or 14.4%.

- A reduction in income tax withholding payments for November by $113.7 million or 8.9% from FY 2024.

- An increase in individual income estimated tax payments by $2.8 million or 21.5%.

- A combined decrease of $7.1 million across all other individual tax categories.

Gross sales and use tax collections reached about $1.60 billion in November, an increase of $97.3 million or 6.5% over FY 2024 figures.

Corporate income tax collections saw a decline of $12.9 million or 30.6%, compared to last year's net corporate tax revenues of $42.3 million.

Factors contributing to this decrease include:

- An increase in corporate income tax refunds issued (net of voids) by $2.2 million or 7.5%.

- A drop in corporate income estimated tax payments by $11.2 million or 25.7%.

- A combined increase of $0.5 million across all other corporate tax payments.

Motor fuel taxes increased significantly by $130.8 million compared to last year when Governor Kemp's executive order suspended the fuel tax until late November 2023.

Lastly, motor vehicle tag and title fee collections experienced a slight decline of just under $0.l1million or0.l2%, whereas Title ad Valorem Tax (TAVT) collections rose by almost$20millionor28%.