The State of Georgia’s net tax collections in the month of December totaled almost $3.34 billion, for an increase of $291.4 million, or 9.6%, compared to December 2023, when net tax collections approached $3.05 billion for the month. Year-to-date, net tax revenue collections increased by $283.1 million, or 1.8%, an increase that was boosted by the collection of the state’s motor fuel excise tax, which was suspended by Executive Order for a two and a half month stretch of FY 2024. Net of motor fuel tax changes, revenue collections for the six-month period ended December 31 totaled roughly $16.36 billion, for a decrease of 1% from this time a year ago.
The changes within the following tax categories account for December’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections in December totaled $1.49 billion for an increase of $107.8 million, or 7.8%, over last year, when Individual Tax revenues approached $1.39 million for the month.
The following notable components within Individual Income Tax combine for the increase:
- Individual Income Tax refunds issued (net of voided checks) decreased by $53.4 million or 42.7 percent
- Income Tax Withholding payments increased by $28.6 million or 2.1% over December FY 2024
- Individual Income Tax Return payments increased by $16 million or 75.2% over December 2023
- All other Individual Tax categories, including Estimated Tax payments, were up a combined $9.8 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.57 billion, for an increase of $52.3 million or 3.4% over December 2023. Net Sales and Use Tax increased by $19.4 million, or 2.6%, compared to FY 2024, when net Sales Tax totaled $757.6 million. The adjusted Sales Tax distribution to local governments totaled $784.8 million, for an increase of $39.4 million, or 5.3%, while Sales Tax refunds decreased by $6.5 million.
Corporate Income Tax: Corporate Income Tax collections for the month decreased by roughly $29 million, or 4.1%, compared to last year, when net Corporate Tax revenues totaled $712 million in December 2023.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Income Tax refunds issued (net of voids) were down $8.8 million or 25.1% from FY 2024
- Corporate Income Tax Estimated payments decreased by $33.2 million or 7.3% from last year
- All other Corporate Tax payments, including S-Corporation payments, were down a combined $4.6 million
Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $182 million over last year, when Governor Kemp’s Executive Order to suspend the state excise tax was in effect through the end of November, thereby effectively eliminating the collection of motor fuel tax receipts in the month of December 2023.
Motor Vehicle – Tag, Title & Fees: Motor Vehicle Tag & Title Fee collections for December increased by $4.1 million or 13.8%, while Title ad Valorem Tax (TAVT) collections declined by $0.9 million or 1.4% from FY 2024.
