The state closed out fiscal 2025 at the end of last month with a slight increase in net tax collections compared to fiscal 2024, Gov. Brian Kemp reported Tuesday.
Net tax revenue for the 12 months ending June 30 was up $197.4 million over the previous fiscal year, an increase of 0.6%. Gross tax receipts compared to the previous fiscal year were significantly higher, reflecting two and a half months during the fall quarter of fiscal 2024 when Kemp suspended collection of the state sales tax on gasoline and other motor fuels.
Net tax revenue for June was up 4.1% over June of last year. Individual income taxes rose by 12.5% last month, as tax return payments soared by 118% and refunds issued by the revenue agency fell by 4.3%.
Net sales tax collections increased by 2.8% last month compared to June of last year.
On the other side of the ledger, corporate income taxes dropped in June by 9.8%, a result of corporate tax payments declining by 4.0% and tax refunds increasing by 157.5%. While individual taxes make up the lion's share of tax payments to the state, the smaller corporate tax collections typically are more volatile month to month.
Motor fuel tax revenues fell slightly in June - by 0.3% - compared to the same month a year ago, a number that's likely to rise as Georgians hit the highways in July for summer vacations.
