July Net Tax Revenues Up 2.7% to begin FY 2025

The State of Georgia’s net tax collections for the first month of FY 2025 totaled $2.56 billion, an increase of $66.3 million or 2.7 percent over July 2023 (FY 2024), when net tax collections totaled almost $2.50 billion.

The changes within the following tax categories account for July’s overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections for the month decreased by $5.2 million or 0.4 percent, down from roughly $1.26 billion in July 2023 (FY 2024).

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

• Individual Income Tax refunds issued (net of voided checks) increased by $3.8 million or 3.6 percent
• Income Tax Withholding payments for July declined by $12.7 million or 1.0 percent from FY 2024
• Individual Income Tax Estimated payments increased by $3.9 million or 23.3 percent over July 2023
• All other Individual Income Tax categories, including Return payments, were up a combined $7.4 million

Sales and Use Tax: Gross Sales and Use Tax collections in July totaled nearly $1.60 billion, an increase of $68.3 million or 4.5 percent over FY 2024. Net Sales and Use Tax increased $36.8 million or 4.8 percent compared to July 2023, when net Sales Tax revenue totaled $772.2 million. The adjusted Sales Tax distribution to local governments totaled $776.7 million, an increase of $28.7 million over last year, while Sales Tax refunds increased by $2.9 or 42.9 percent compared to July FY 2024.

Corporate Income Tax: Corporate Income Tax collections for July totaled $123.9 million, an increase of $27.4 million or 28.4 percent from FY 2024, when net Corporate Tax revenues totaled $96.5 million.

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

• Corporate Income Tax refunds issued (net of voids) were down $23.2 million or 110.1 percent from FY 2024
• Corporate Income Tax Estimated payments increased by $10.5 million or 17.0 percent over July 2023 (FY ’24)
• All other Corporate Income Tax payments, including Return payments, were down a combined $6.3 million

Motor Fuel Taxes: Motor Fuel Tax collections for July increased by $8.2 million or 4.5 percent over July 2023, when Motor Fuel tax collections totaled $183.1 million for the month.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month increased by $3.6 million or 12.7 percent, while Title ad Valorem Tax (TAVT) collections decreased by $6.4 million or 8.7 percent compared to the previous fiscal year.