Peach Tree Times

The State of Georgia reported an increase in net tax collections for December, totaling nearly $3.34 billion. This marks a rise of $291.4 million or 9.6% compared to the same month in 2023 when collections were approximately $3.05 billion. Year-to-date, there has been an increase of $283.1 million or 1.8%, partly due to the resumption of the state's motor fuel excise tax after a suspension period.

Individual Income Tax collections saw a significant boost, totaling $1.49 billion in December, up by $107.8 million or 7.8% from the previous year. The growth was attributed to several factors including a decrease in issued refunds and increased withholding payments.

Sales and Use Tax also experienced growth with gross collections reaching $1.57 billion, marking an increase of $52.3 million or 3.4%. Net Sales and Use Tax rose by $19.4 million or 2.6%.

In contrast, Corporate Income Tax collections decreased by roughly $29 million or 4.1% compared to last year’s figures for December.

Motor Fuel Taxes saw a notable increase of $182 million following the end of Governor Kemp's Executive Order which had suspended the state excise tax through November.

Lastly, Motor Vehicle Tag & Title Fee collections rose by $4.1 million or 13.8%, while Title ad Valorem Tax (TAVT) declined slightly by $0.9 million or 1.4%.