The State of Georgia’s net tax collections for February totaled over $2.12 billion, for an increase of $169.3 million, or 8.7%, compared to February 2022, when net tax collections totaled roughly $1.95 billion. Year-to-date, net tax collections totaled nearly $20.93 billion, for an increase of nearly $1.17 billion, or 5.9%, over FY 2022.
Changes within the following tax categories further illustrate February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled roughly $1.08 billion, for an increase of $91.4 million, or 9.2%, compared to last year when Individual Tax collections totaled $992.4 million.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $10.2 million or -3.3%
• Individual Withholding payments increased by $96.8 million, or 8.1%, over the previous fiscal year
• Individual Income Tax Return payments were up $10.4 million, or 31.3%, over February 2022
• All other Individual Tax categories, including Non-Resident payments, were down a combined $26 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.37 billion in February, for an increase of $128.1 million, or 10.3%, compared to February 2022. Net Sales and Use Tax increased by $65.2 million, or 10.6%, compared to FY 2022, when net sales tax totaled $615.5 million. The adjusted Sales Tax distribution to local governments totaled $668.1 million, for an increase of $48.1 million, or 7.8%, while Sales Tax refunds increased by roughly $14.9 million, or 188.3%, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $48.2 million, which was an increase of $38.2 million, or 382.5%, compared to February 2022.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were down $23.9 million or -61.2%
• Corporate Income Tax Return payments increased by $9.2 million, or 97.5%, over FY 2022
• All other Corporate Tax types, including Corporate Estimated payments, were up a combined $5.1 million
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $38.4 million, or -24.4%, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to suspend the Motor Fuel Excise Tax through January 10, 2023.
Motor Vehicle Tag and Title Fees: Motor Vehicle Tag and Title Fees increased by $3.4 million, or 8.7%, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $9 million, or 14.7%, from last year’s total of roughly $61.5 million.