July Net Tax Revenues up 2.5%

The State of Georgia’s net tax collections during the first month of FY 2023 totaled nearly $2.21 billion for an increase of $54.2 million, or 2.5%, over July 2021 (FY 22), when net tax collections approached $2.16 billion.  Individual Income Tax collections during the month totaled $1.17 billion, up from almost $1.06 billion in July 2021, for an increase of $113.3 million or 10.7%.  Gross Sales and Use Tax collections approached $1.51 billion in July, for an increase of $157.9 million, or 11.7%, over FY 2022.  Net Sales and Use Tax increased nearly $69.2 million, or 10.1%, compared to July 2021, when net Sales Tax revenue totaled $687 million.  The adjusted Sales Tax distribution to local governments totaled $748.4 million, for an increase of $87.4 million, or 13.2%, over last year.  Sales Tax refunds increased by $1.3 million, or 55.7%, compared to FY 2022.  Corporate Income Tax collections for July totaled $95 million, which was an increase of $36.5 million, or 62.3%, from FY 2022 when net Corporate Tax revenues totaled $58.5 million for July.  Motor Fuel Tax collections for the month of July decreased by $157.2 million, or -97.8%, compared to FY 2022, as a result of Governor Kemp’s Executive Order to extend the suspension of the Motor Fuel Excise Tax through mid-August.  Motor Vehicle Tag and Title Fee collections decreased by $4.6 million, or -13.9%, from a total of $33.2 million in July 2021, while Title ad Valorem Tax (TAVT) collections fell by $3.9 million, or -5.3%, compared to the previous fiscal year.