September Net Tax Revenues up 9.9%

Georgia’s September net tax collections totaled almost $3.1 billion for an increase of $279.2 million, or 9.9%, compared to FY 2022 when net tax collections approached $2.82 billion. Year-to-date, net tax revenue collections totaled roughly $7.62 billion for an increase of $513.8 million, or 7.2%, through the end of this quarter.  Individual Income Tax collections for September totaled $1.55 billion, for an increase of $130.2 million, or 9.2%, compared to FY 2022 when net Individual Tax revenues totaled $1.42 billion.  Gross Sales and Use Tax collections totaled $1.48 billion in September, for an increase of $184.9 million, or 14.3%, over last year. Net Sales and Use Tax increased by $95.4 million, or 14.6%, compared to FY 2022, when net Sales Tax revenue totaled $653.8 million. The adjusted Sales Tax distribution to local governments totaled $724.8 million, for an increase of $86.3 million, or 13.5%, over FY 2022. Lastly, Sales Tax refunds increased by $3.2 million, or 84.2%, compared to last year.  Net Corporate Income Tax collections totaled $603.9 million for the month, for an increase of $205.5 million, or 51.6%, over last year when net Corporate Tax revenues totaled $398.4 million.  Motor Fuel Tax collections for September decreased by $180.8 million, or -103.7%, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax to provide Georgians relief at the pump as they face 40-year high inflation. Since the state tax on motor fuel was first suspended in March of this year, Georgians have saved approximately $800 million at the pump.  Motor Vehicle Tag and Title Fee collections increased by $0.4 million, or 1.3%, compared to September 2021 when Motor Vehicle fees totaled $30.9 million, while Title ad Valorem Tax (TAVT) collections were up $7.2 million, or 10.6%, compared to last year’s total of $67.7 million.