Georgia again reports lower tax collections

(The Center Square) — Georgia continues to report tax collections lower than a year ago, with May’s collections down by more than 1% as the state heads toward the end of the fiscal year, new numbers reveal.

Georgia officials said the state’s net tax collections in May surpassed $2.4 billion. However, that is a decrease of 1.1% or $26.3 million compared to last May, when net tax collections approached $2.5 billion.

In the first 11 months of fiscal 2024, which ends on June 30, the Peach State’s net tax revenue totaled $29.9 billion. That total is down roughly 1.2% or nearly $367.6 million from fiscal 2023.

However, without motor fuel taxes, which the state suspended at times since March 2022, officials said revenues for the first 11 months of fiscal 2024 decreased 4.3% from last year. Motor fuel tax collections have totaled more than $1.5 billion this fiscal year, an increase of 141.5% from last year.

Meanwhile, state revenue numbers show individual income tax collections of more than $1.2 billion in May decreased by 3.3%, or nearly $42.2 million, from last year. In the fiscal year to date, individual income tax collections are down 6.3%.

The nearly $14.7 billion in individual income taxes collected in the first 11 months of fiscal 2024 are nearing the $15.5 billion that Republican Georgia Gov. Brian Kemp’s amended fiscal 2024 budget estimated.

State revenue numbers show that corporate income tax collections are similarly down 9.4% this fiscal year. However, gross sales and use tax collections are up 2.2% in fiscal 2024.

Kemp’s original fiscal 2024 budget estimated more than $32.4 billion in total state treasury receipts. Lawmakers subsequently amended the budget to anticipate more than $32.8 billion in state General Fund revenues.