Georgia – In January, Georgia’s net tax collections fell slightly, which was a little drop from the same month last year. However, overall fiscal-year revenues continued to rise.
According to state officials, net tax income for January was around $3.03 billion, which is $18.1 million, or 0.6 percent, less than the same month a year earlier. Even though the monthly drop, overall collections for the first seven months of the fiscal year rose to around $19.75 billion, which is $345.6 million, or 1.8 percent, more than the same time last year.
The drop in January was mostly due to lower individual income tax receipts. This category brought in around $1.57 billion, which is $27.4 million less than the year before. The change was due to various movements that canceled each other out: refunds went up by $25 million, withholding payments went down by $59.1 million, and anticipated payments went up by $37.9 million. Other parts of individual taxes, like return payments, went up by a total of $18.8 million, which made the overall drop less severe.
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The money from sales and use taxes helped keep things stable. Gross collections were close to $1.93 billion, which is $79.1 million more than the previous year. Net sales tax revenue went up by $36.3 million, or roughly 4%. Distributions to municipal governments also went up, totaling $952.2 million. At the same time, sales tax refunds grew a lot, going up by $21 million.
The opposite happened with corporate income tax collections, which brought in $122.8 million for the month. This was $38.1 million, or 23.7 percent, less than the same month last year. Most of the drop came from lower projected payments and lower return payments.
Refunds and other business tax payments only went up a little. In other places, motor fuel tax revenue went up slightly, and motor vehicle tag and title fees went down. However, title ad valorem tax receipts went up a slightly.
