Georgia corporate tax collections down 13.1% in September

(The Center Square) – Georgia’s corporate tax collections were down 13.1% in September, and overall, tax collections were down 2.8% compared to last year, according to information released by the governor’s office on Friday.

Overall, tax collections were $3.21 billion, down from $3.3 billion, a $91.2 million difference, according to the news release.

Corporate tax collections dropped by nearly $90 million. The downslide was seen mainly in corporate income tax payments, which fell $47.2 million or 10.9%. Income tax refunds to corporations were up $29.7 million. All other corporate tax payments decreased by a combined $13.1 million year-over-year, according to the governor’s office.

Individual income tax collections were up $50.2 million, a 3.6% increase from last September. The only decreases were in income tax withholding payments, a decline of $4.1 million, and all other individual tax categories, which are down $600,000, according to the news release.

The gross sales and use tax was up 2.4%, but the net sales and use tax was down by 6.4%, which was a $52.5 million decline.

Motor vehicle fuel taxes shot up by $6.7 million, a 3.5% increase over September 2023.

Gov. Brian Kemp suspended motor fuel tax collections as the state recovers from Hurricane Helene. The suspension remains in effect until the state of emergency ends.

Tag and title fee collections improved by $200,000. Title ad valorem taxes dropped 3.2%, or $2.6 million.