Diana Pope,
Director, Financing & Investment
The Georgia State Financing and Investment Commission (GSFIC) is responsible for the issuance of all public debt of the State, including general obligation debt and guaranteed revenue debt. GSFIC consists of the Financing and Investment Division and the Construction Division. GSFIC’s core value is dedicated to continuous quality improvement in all of its activities.
Atlanta, GA – The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month.
Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent compared to FY 2023, during which the state’s motor fuel excise tax was suspended for more than half the fiscal year, until January 10, 2023. Net of motor fuel tax changes, net revenues for the year-ended June 30 were down 3.4 percent from fiscal year 2023.
The State of Georgia’s net tax collections in April totaled $3.96 billion, for a decrease of $225.7 million or 5.4 percent compared to FY 2023, when net tax collections approached $4.19 billion for the month.
Year-to-date, net tax revenue totaled $27.45 billion, for a decrease of $341.3 million or 1.2 percent compared to the same ten-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended until January 10, 2023. Net of motor fuel tax changes, collection revenues for the ten months ended April 30 were down 4.6 percent from fiscal year 2023.
The changes within the following tax categories help to further explain April’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections totaled roughly $1.97 billion, for a decrease of $171.3 million or 8 percent compared to last year when Individual Tax collections totaled nearly $2.14 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $1.58 billion in April, for a decrease of $6.2 million or 0.4 percent compared to April 2023. Net Sales and Use Tax decreased by $24.6 million or 3 percent, compared to last year, when net sales tax totaled $823.4 million. The adjusted Sales Tax distribution to local governments totaled $765 million, for an increase of $8.6 million or 1.1 percent, while Sales Tax refunds increased by roughly $9.8 million or 179.6 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $748.1 million, which was an increase of roughly $3.7 million or 0.5 percent compared to FY 2023.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for the month of April increased by $3.1 million or 1.6 percent compared to FY 2023.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $3.2 million or 9.3 percent for the month, while Title Ad Valorem Tax (TAVT) collections declined by nearly $6.2 million or 7.8 percent from last year.
The State of Georgia’s net tax collections in March totaled $2.34 billion, for a decrease of $338.7 million or 12.6 percent compared to FY 2023, when net tax collections approached a total of $2.68 billion for the month.
Year-to-date, net tax revenue totaled $23.49 billion, for a decrease of $115.6 million or 0.5 percent from the same nine-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended. Net of motor fuel tax changes, revenues for the nine months ended March 31 were down 4.3 percent from this time a year ago.
The changes within the following tax categories help to further explain March’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections totaled $998.3 million, for a decrease of $191.2 million or 16.1 percent compared to last year, when Individual Tax collections totaled nearly $1.19 billion. This is in part attributable to the planned reduction in income tax rates effective January 1, 2024.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.42 billion for the month, which was an increase of $77.5 million or 5.8 percent compared to March 2023. Net Sales and Use Tax decreased by $29.7 million or 4.5 percent compared to last year, when net sales tax totaled $660.4 million. The adjusted Sales Tax distribution to local governments totaled $730.8 million, for an increase of $62.3 million or 9.3 percent, while Sales Tax refunds increased by $44.9 million or 284.7 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for March totaled $356.7 million, for a decrease of roughly $141 million or 28.3 percent compared to FY 2023.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $21.2 million or 13.5 percent over last year.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $4.8 million or 13.5 percent for the month, while Title Ad Valorem Tax (TAVT) collections increased by $5.3 million or 8.3 percent over last year.