Georgia – Georgia’s state tax receipts grew at a moderate rate in June, which is a sign that the state’s finances are stable this year. Governor Brian Kemp said that the state’s net tax receipts for the month were about $3.15 billion. This is an increase of $124.3 million, or 4.1%, from June of the previous fiscal year.
The state brought in around $33.62 billion in net tax income for the fiscal year that concluded on June 30. This represents an increase of $668.3 million over the past year. However, when the state’s motor fuel tax was temporarily put on hold last fall, the year-to-date rise was only 0.6%, or $197.4 million.
A lot of the gain in June came from an abundance of money coming in from individual income taxes. That group made almost $1.49 billion, which is a 12.5% increase from June 2024. Key factors were an increase of $81.6 million in tax return payments, which was more than twice as much as last year, and an increase of $75.4 million in withholding payments. Meanwhile, refunds went down a little, which added to the overall increase.
Read also: Free backpacks and school supplies to be distributed at three events this month in Fulton County
Sales and Use Taxes also contributed to the positive trend. The total amount of sales tax collected for the month was $1.59 billion, while the net amount of sales tax collected rose by 2.8% to $777.9 million. Local governments also witnessed small increases, getting $795.3 million in payouts, which is a 0.5% increase from the year before. However, the state did experience a \$13.3 million increase in sales tax refunds, which slightly offset the gross gain.
Corporate income taxes, on the other hand, went down significantly. Collections were down about 10% from last year, coming to $484.7 million. The decline was partly caused by a huge 157.5% rise in business tax refunds and reduced expected payments.
Other categories stayed pretty much the same. The amount of money the government got from the motor fuel tax was almost the same as in June 2024, little down $0.5 million. The Title Ad Valorem Tax was up by 2.1%, although the fees for motor vehicle tags and titles went down by 6.2%.
There are a few weak regions, but the overall financial picture shows that Georgia’s economy is still on stable ground. The adjusted numbers show steady, albeit small, growth, mostly because of strong personal income tax payments and healthy consumer spending.
