Georgia November Net Tax Revenues down 0.1%

The State of Georgia’s net tax collections in November totaled almost $2.29 billion for a decrease of $2.4 million, or -0.1%, compared to November 2021 when net tax collections totaled just over $2.29 billion.  Year-to-date, net tax revenue collections totaled $12.61 billion for an increase of $741.7 million, or 6.2%, over FY 2022.  Individual Income Tax collections for November totaled $1.28 billion, an increase of $55.8 million – or 4.6% over FY 2022 when net Individual Tax revenues totaled roughly $1.22 billion.  Gross Sales and Use Tax collections for the month increased by $153.1 million, or 11.5%, to a total of $1.48 billion compared to a total of nearly $1.33 billion in FY 2022. Net Sales and Use Tax increased by $65.6 million, or 9.8%, compared to November 2021 when net Sales Tax revenue totaled $670.3 million. Lastly, the adjusted Sales Tax distribution to local governments totaled $739.6 million for an increase of $85.4 million, or 13.1%, compared to last year.  Net Corporate Income Tax collections increased by $39.5 million, or 358.1%, from last year when Corporate Tax revenues and refunds combined for a net total of -$11 million.  Motor Fuel Tax collections for November decreased by $172.5 million, or -99.4%, compared to last year’s total of $173.5 million, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax.  Motor Vehicle Tag and Title Fee collections for the month increased by $1.7 million, or 6.7%, compared to November 2021 when Motor Vehicle fees totaled $26 million, while Title ad Valorem Tax (TAVT) collections increased by roughly $5.2 million, or 8.5%, compared to a total of $60.8 million last year.