January Tax Revenues up 2.1%

The State of Georgia’s net tax collections in the month of January totaled $3.05 billion, for an increase of $62.7 million, or 2.1 percent, compared to January 2023 when net tax collections approached $2.99 billion for the month. Year-to-date, net tax revenue totaled $19.12 billion, for an increase of $315.7 million, or 1.7 percent, over the same period in FY 2023, an increase that was driven principally by the collection of the state’s motor fuel excise tax that was suspended during the first seven months of last year. Net of motor fuel tax changes, revenues for the seven months ended January 31 were down 2.7 percent from this time a year ago. Individual Income Tax collections for January approached $1.67 billion, down from a total of nearly $1.67 billion in fiscal year 2023, for a decrease of $5.6 million or -0.3 percent. Gross Sales and Use Tax collections for January totaled nearly $1.74 billion, for an increase of $11.7 million, or 0.7 percent, over FY 2023. Net Sales and Use Tax increased by $1.8 million or 0.2 percent compared to last year, when net Sales Tax totaled $869.1 million. The adjusted Sales Tax distribution to local governments totaled $859.6 million for an increase of $12.1 million, while Sales Tax refunds declined by $2.2 million. Corporate Income Tax collections for the month decreased by $110 million, or -43.3 percent, compared to last year, when net Corporate Tax revenues totaled $254.2 million in January. Monthly Motor Fuel Tax collections increased by $177.4 million over last year, when Governor Kemp’s Executive Order to suspend the state excise tax was in effect during the entire month of December, thereby eliminating the collection of the motor fuel excise tax in January. Motor Vehicle Tag & Title Fee collections for the month decreased by $1.1 million or -2.7 percent, while Title ad Valorem Tax (TAVT) collections increased by $1.6 million or 2.4 percent from FY 2023.