Atlanta, Georgia – Georgia’s economy grew steadily in October, with net tax collections up 6.9% from the same month last year, Governor Brian Kemp’s office said in a press release. The Department of Revenue said that collections were over $2.71 billion, which is roughly $175.9 million more than in October 2024, when revenues were $2.53 billion.
Georgia’s overall net tax receipts for the first four months of fiscal year 2025 have reached $10.88 billion, which is a 2.3% rise from the same time last year. The report says that increasing individual income tax payments and solid consumer expenditure are two main reasons for the rise.
The amount of money collected from individual income taxes this month was about $1.34 billion, which is $78.7 million more than last year. The biggest increase came from payments on income tax returns, which was up by 45.7%, or $82.8 million. Estimated tax payments went up by about 29%, while refunds went up by only 4.2%. Payments withheld, on the other hand, were down by 0.6%, but this was made up for by increases in other tax categories, such as S-Corporation payments.
The collections for the Sales and Use Tax were similarly good, with gross receipts rising to $1.6 billion, an increase of $89.8 million, or 5.9%. Net Sales and Use Tax went up by $46.1 million, and payments to local governments went up by 6.6% to $797.1 million. Also, sales tax refunds went down by $5.3 million, which helped the overall net growth.
The only big drop in revenue was from the corporate income tax, which dropped by $8.5 million, or 12.2%, from last year. The main reason for the reduction was a big increase in business tax refunds, which went up by $30.9 million. Despite that, estimated corporate tax payments increased by more than 50%, indicating ongoing business activity and investment.
Motor fuel taxes and fees for motor vehicles also helped the state make more money. Tag and title fees went up by 26.6%, while fuel tax collections went up by 8%, or $14.2 million. Compared to October 2024, title ad valorem taxes were up 11.8%, which is part of a trend of robust vehicle-related revenues.
Georgia’s tax collections keep rising up, which shows that the state’s economy remains strong, even while national markets are sending confusing signals. Governor Kemp’s administration still points to steady revenue growth as proof that the state is doing a good job of managing its money and growing its economy.
