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Tuesday, January 7, 2025

Georgia sees less individual income tax revenue in Q3 2024

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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 $3.8 billion in individual income taxes during the third quarter of 2024, a 15.1% decrease from the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $4.5 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Georgia collected $8.4 billion in combined tax revenues in the third quarter of 2024, a decrease from the $9.4 billion collected in the previous quarter.

Q3 2024 Georgia Tax Collections
Type of TaxAmount (millions)
Property Taxes$219
Sales and Gross Receipts Taxes$3,332
Individual Income Taxes$3,837
Corporation Net Income Taxes$766
License Taxes$158
Other Taxes$54
Source: U.S. Census Bureau

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