August Net Tax Revenues up 8.5%

The State of Georgia’s net tax collections for August totaled nearly $2.31 billion for an increase of $180.4 million, or 8.5 percent, over August 2021 (FY 2022), when net tax collections approached $2.13 billion. Year-to-date, net tax revenue collections totaled roughly $4.52 billion after two months, for an increase of $234.6 million, or 5.5%, compared to FY 2022 as of the end of August.  Individual Income Tax collections for August totaled $1.32 billion, an increase of $215.6 million, or 19.5%, over the Individual Tax revenues for August of 2021.  Gross Sales and Use Tax collections approached $1.48 billion for the month, which was an increase of $156.4 million, or 11.9%, over August of 2021.  Net Sales and Use Tax increased $73.3 million, or 11.1%, compared to August 2021, when net Sales Tax revenue totaled $663.1 million. The adjusted Sales Tax distribution to local governments totaled $736.1 million, for an increase of $88.1 million, or 13.6%, over the previous fiscal year.  Lastly, Sales Tax refunds decreased by $5.1 million, or -63.9%, compared to FY 2022.  Corporate Income Tax collections increased by $60.2 million, to a total of $62.3 million compared to August 2021, when net Corporate Tax revenues totaled $2.1 million.  Motor Fuel Tax collections for August decreased by $170.7 million, or -99.6%, compared to August of 2021, as a result of Governor Kemp’s Executive Order to suspend the Motor Fuel Excise Tax.  Motor Vehicle Tag and Title Fee collections increased by nearly $2 million, or 5.7%, to a total of $36.2 million, while Title ad Valorem Tax (TAVT) collections decreased by $2.3 million, or -3.4%, compared to the same time the previous year.