June Net Tax Revenues up 6.5%

The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month. Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent compared to FY 2023, during which the state’s motor fuel excise tax was suspended for more than half the fiscal year, until January 10, 2023. Net of motor fuel tax changes, net revenues for the year-ended June 30 were down 3.4 percent from fiscal year 2023. Individual Income Tax collections approached $1.33 billion, for an increase of $36.4 million or 2.8 percent compared to last year when Individual Tax collections totaled $1.29 billion. Gross Sales and Use Tax collections totaled $1.55 billion for June, for an increase of $43.9 million or 2.9 percent compared to June 2023. Net Sales and Use Tax increased by $5.3 million or 0.7 percent compared to last year, when net sales tax totaled $751.3 million. The adjusted Sales Tax distribution to local governments totaled $791.6 million, for an increase of $41.9 million or 5.6 percent, while Sales Tax refunds decreased by $3.3 million or 43.1 percent compared to FY 2023. Corporate Income Tax collections for the month totaled $537.4 million, for an increase of $128.5 million or 31.4 percent compared to June FY 2023. Motor Fuel Tax collections increased by nearly $9 million or 4.7 percent compared to FY 2023. Motor Vehicle Tag & Title Fees for June decreased by $2.1 million or 6 percent while Title Ad Valorem Tax (TAVT) collections increased by roughly $1 million or 1.3 percent over last year.