09/09/2024 | Press release | Distributed by Public on 09/10/2024 07:58
Atlanta, GA - The State of Georgia's net tax collections during the month of August totaled nearly $2.34 billion, an increase of $54.3 million or 2.4 percent compared to August 2023 (FY 2024), when net tax collections totaled $2.28 billion. Year to date, net tax revenue collections totaled $4.90 billion, for an increase of $120.6 million or 2.5 percent compared to FY 2024 when net tax collections totaled $4.78 billion after two months.
The changes within the following tax categories account for August's overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month totaled nearly $1.14 billion, which was a decrease of $114.5 million or 9.1 percent from $1.25 billion in August of FY 2024.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections for August totaled nearly $1.58 billion, an increase of $57.7 million or 3.8 percent over FY 2024. Net Sales and Use Tax increased by $97.2 million or 14.7 percent compared to August 2023, when net Sales Tax revenue totaled $662.4 million. The adjusted Sales Tax distribution to local governments totaled $811.8 million, a decrease of roughly $4 million or 0.5 percent from the previous fiscal year, while Sales Tax refunds declined by $35.6 million compared to FY 2024.
Corporate Income Tax: Corporate Income Tax collections for August totaled $44.3 million, an increase of $46.1 million compared to last year, when refunds outstripped tax revenue collections by $1.85 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for August were $193.2 million, an increase of $10.9 million or 6 percent compared to FY 2024, when motor fuel excise taxes totaled $182.3 million for the month.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for August decreased by nearly $7.5 million or 17.6 percent while Title ad Valorem Tax (TAVT) collections increased by $12.8 million or 20.8 percent over the previous fiscal year.
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