08/19/2024 | Press release | Distributed by Public on 08/19/2024 09:01
August 19, 2024
The State of Georgia's net tax collections for the first month of FY 2025 totaled $2.56 billion, an increase of $66.3 million or 2.7 percent over July 2023 (FY 2024), when net tax collections totaled almost $2.50 billion.
The changes within the following tax categories account for July's overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for the month decreased by $5.2 million or 0.4 percent, down from roughly $1.26 billion in July 2023 (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 in July totaled nearly $1.60 billion, an increase of $68.3 million or 4.5 percent over FY 2024. Net Sales and Use Tax increased $36.8 million or 4.8 percent compared to July 2023, when net Sales Tax revenue totaled $772.2 million. The adjusted Sales Tax distribution to local governments totaled $776.7 million, an increase of $28.7 million over last year, while Sales Tax refunds increased by $2.9 or 42.9 percent compared to July FY 2024.
Corporate Income Tax: Corporate Income Tax collections for July totaled $123.9 million, an increase of $27.4 million or 28.4 percent from FY 2024, when net Corporate Tax revenues totaled $96.5 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for July increased by $8.2 million or 4.5 percent over July 2023, when Motor Fuel tax collections totaled $183.1 million for the month.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month increased by $3.6 million or 12.7 percent, while Title ad Valorem Tax (TAVT) collections decreased by $6.4 million or 8.7 percent compared to the previous fiscal year.
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Director of External Affairs and Communications