January Net Tax Revenues Up 1.1%

The State of Georgia’s net tax collections for January totaled nearly $2.99 billion, for an increase of $32.9 million, or 1.1 percent, compared to January 2022, when net tax collections totaled $2.95 billion.  Year-to-date, net tax collections totaled roughly $18.81 billion, for an increase of almost $1 billion, or 5.6 percent, compared to FY 2022 when revenues totaled $17.81 billion at the end of January.

The changes within the following tax categories help further explain January’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections decreased by a total of roughly $70.1 million, or -4 percent, compared to last year when Individual Tax collections totaled $1.74 billion.

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

• Individual Income Tax refunds issued (net of voided checks) increased by $98.4 million, or 198.4 percent
• Individual Withholding payments increased by $92.9 million, or 7.4 percent, over January 2022
• Individual Income Tax Estimated payments were down $26.2 million, or -7.6 percent, from FY 2022
• All other Individual Tax categories, including Non-Resident Tax payments, were down a combined $38.4 million

Sales and Use Tax:  Gross Sales and Use Tax collections for January totaled nearly $1.73 billion, for an increase of $167.7 million, or 10.8 percent, over FY 2022.  Net Sales and Use Tax increased by $78.4 million, or 9.9 percent, over last year, when net sales tax totaled $790.7 million.  The adjusted Sales Tax distribution to local governments totaled $847.5 million, for an increase of $81.5 million, or 10.6 percent, compared to last year.  Lastly, Sales Tax refunds increased by $7.8 million, or 353.3 percent, compared to FY 2022.

Corporate Income Tax:  Corporate Income Tax collections totaled $254.2 million in January, for an increase of $178.3 million, or 234.9 percent, over last year when Corporate Tax collections totaled $75.9 million for the month.

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

• Corporate Income Tax refunds issued (net of voids) declined by $14.9 million, or -39.6 percent, from FY ‘22
• Corporate Income Tax Estimated payments for the month increased by $96.3 million, or 137.2 percent
• All other Corporate Tax types, including S-Corp Return payments, were up a combined $67.1 million  

Motor Fuel Taxes:  Motor Fuel Tax collections decreased by $166.9 million, or -98.7 percent, compared to last year, as a result of Governor Kemp’s Executive Orders to suspend the Motor Fuel Excise Tax through January 10th.

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fees for the month increased by $5.8 million, or 16.9 percent, while Title Ad Valorem Tax (TAVT) collections increased by just $0.4 million, or 0.6 percent, compared to last year’s total of roughly $64.8 million.