April 25, 2024
ATLANTA – Georgia’s new fiscal year is off to a healthy start after the first two months.
The state Department of Revenue collected almost $2.31 billion in taxes in August, an increase of $180.4 million – 0r 8.5% – over the same month a year ago.
State tax receipts during the first two months of fiscal 2023 were up 5.5% over July and August of last year.
Individual income tax revenues rose by 19.5% last month compared to August 2021, resulting from the combination of a large increase in tax payments and a decline in refunds issued by the revenue agency. Net sales taxes were up 11.1%.
Corporate income tax collections for August rose exponentially to $62.3 million compared to just $2.1 million during the same month a year ago. Corporate tax payments for the month rose 68.8%, while refunds issued dropped 87.4%.
Tax receipts from gasoline and other motor fuels were off 99.6% in August, as the state continued to suspend collecting the tax by order of Gov. Brian Kemp.
Georgia tax revenues have been on the rise for more than a year, as the state built a record budget surplus coming out of the coronavirus pandemic.
Kemp said last month he would use part of the surplus to fund a proposed $2 billion income and property tax rebate to Georgia taxpayers next year if he wins reelection in November. That would be in addition to the $1.6 billion election-year rebate taxpayers received this year.
