April Net Tax Revenues Down 5.4%

The State of Georgia’s net tax collections in April totaled $3.96 billion, for a decrease of $225.7 million or 5.4 percent compared to FY 2023, when net tax collections approached $4.19 billion for the month.

Year-to-date, net tax revenue totaled $27.45 billion, for a decrease of $341.3 million or 1.2 percent compared to the same ten-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended until January 10, 2023. Net of motor fuel tax changes, collection revenues for the ten months ended April 30 were down 4.6 percent from fiscal year 2023.

The changes within the following tax categories help to further explain April’s overall net tax revenue decrease:

Individual Income Tax: Individual Income Tax collections totaled roughly $1.97 billion, for a decrease of $171.3 million or 8 percent compared to last year when Individual Tax collections totaled nearly $2.14 billion.

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

• Individual Income Tax refunds issued (net of voided checks) were up $195.3 million or 31.4 percent
• Individual Withholding payments were up $60.1 million or 4.8 percent over the previous fiscal year
• Individual Income Tax Return payments declined by $142.1 million or 11.5 percent from last year
• All other Individual Tax categories, including Estimated payments, were up a combined $106 million

Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $1.58 billion in April, for a decrease of $6.2 million or 0.4 percent compared to April 2023. Net Sales and Use Tax decreased by $24.6 million or 3 percent, compared to last year, when net sales tax totaled $823.4 million. The adjusted Sales Tax distribution to local governments totaled $765 million, for an increase of $8.6 million or 1.1 percent, while Sales Tax refunds increased by roughly $9.8 million or 179.6 percent compared to FY 2023.

Corporate Income Tax: Corporate Income Tax collections for the month totaled $748.1 million, which was an increase of roughly $3.7 million or 0.5 percent compared to FY 2023.

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

• Corporate Income Tax refunds issued (net of voids) were down $18.5 million or 32.9 percent from FY 2023
• Corporate Income Tax Return payments decreased by $17.4 million or 5.7 percent from last fiscal year
• All other Corporate Tax types, including Corporate Estimated payments, were up a combined $2.6 million

Motor Fuel Taxes: Motor Fuel Tax collections for the month of April increased by $3.1 million or 1.6 percent compared to FY 2023.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $3.2 million or 9.3 percent for the month, while Title Ad Valorem Tax (TAVT) collections declined by nearly $6.2 million or 7.8 percent from last year.