September Net Tax Revenues Up 9.9%

Gov. Brian Kemp announced that Georgia’s September net tax collections totaled almost $3.1 billion, for an increase of $279.2 million, or 9.9 percent, compared to FY 2022, when net tax collections approached $2.82 billion. Year-to-date, through the end of one quarter, net tax revenue collections totaled roughly $7.62 billion, for an increase of $513.8 million, or 7.2 percent, compared to YTD September 2021.

The changes within the following tax categories account for September’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections for September totaled $1.55 billion, for an increase of $130.2 million, or 9.2 percent, compared to FY 2022 when net Individual Tax revenues totaled $1.42 billion.

The following notable components within Individual Income Tax combine for the net increase:

• Individual Tax refunds issued (net of voided checks) increased by $1.5 million, or 2.1 percent, over last year
• Individual Withholding payments increased by $57.7 million, or 5.3 percent, compared to September 2021
• Individual Income Tax Return payments increased by $31.3 million, or 48.5 percent, over FY 2022
• All other Individual Tax categories, including Estimated Tax payments, were up a combined $42.7 million 

Sales and Use Tax:  Gross Sales and Use Tax collections totaled $1.48 billion in September, for an increase of $184.9 million, or 14.3 percent, over last year.  Net Sales and Use Tax increased by $95.4 million, or 14.6 percent, 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 percent, over FY 2022.  Lastly, Sales Tax refunds increased by $3.2 million, or 84.2 percent, compared to last year.

Corporate Income Tax:  Net Corporate Income Tax collections totaled $603.9 million for the month, for an increase of $205.5 million, or 51.6 percent, over last year when net Corporate Tax revenues totaled $398.4 million.

The following notable components within Corporate Income Tax make up the net increase:

• Corporate Tax refunds issued (net of voided checks) were down $3.5 million, or -14 percent, from last year
• Corporate Income Tax Estimated payments were up $118.3 million, or 32.1 percent, over FY 2022
• Corporate Income Tax Return payments increased by $39 million, or 107.4 percent, over last year
• All other Corporate Tax payments, including S-Corp payments, combined for an increase of $44.7 million

Motor Fuel Taxes:  Motor Fuel Tax collections for September decreased by $180.8 million, or -103.7 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Order, initiated originally on March 9th, to extend the suspension of the Motor Fuel Excise Tax into mid-November.   

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections increased by $0.4 million, or 1.3 percent, 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 percent, compared to last year’s total of $67.7 million.