February Net Tax Revenues up 8.7%

The State of Georgia’s net tax collections for February totaled over $2.12 billion, for an increase of $169.3 million, or 8.7 percent, compared to February 2022, when net tax collections totaled roughly $1.95 billion. Year-to-date, net tax collections totaled nearly $20.93 billion, for an increase of nearly $1.17 billion, or 5.9 percent, over FY 2022.  Individual Income Tax collections totaled roughly $1.08 billion, for an increase of $91.4 million, or 9.2 percent, compared to last year when Individual Tax collections totaled $992.4 million.  Gross Sales and Use Tax collections totaled $1.37 billion in February, for an increase of $128.1 million, or 10.3 percent, compared to February 2022. Net Sales and Use Tax increased by $65.2 million, or 10.6 percent, compared to FY 2022, when net sales tax totaled $615.5 million. The adjusted Sales Tax distribution to local governments totaled $668.1 million, for an increase of $48.1 million, or 7.8 percent, while Sales Tax refunds increased by roughly $14.9 million, or 188.3 percent, compared to FY 2022.  Corporate Income Tax collections for the month totaled $48.2 million, which was an increase of $38.2 million, or 382.5 percent, compared to February 2022.  Motor Fuel Tax collections decreased by $38.4 million, or -24.4 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to suspend the Motor Fuel Excise Tax through January 10, 2023.  Motor Vehicle Tag & Title Fees increased by $3.4 million, or 8.7 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $9 million, or 14.7 percent, from last year’s total of roughly $61.5 million.