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The State of Georgia’s net tax collections for August totaled nearly $2.31 billion for an increase of $180.4 million, or 8.5 percent, over August 2021 (FY 2022), when net tax collections approached $2.13 billion_._ Year-to-date, net tax revenue collections totaled roughly $4.52 billion after two months, for an increase of $234.6 million, or 5.5 percent, compared to FY 2022 as of the end of August.
The changes within the following tax categories account for August’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for August totaled $1.32 billion, which was an increase of $215.6 million, or 19.5 percent, over last year’s Individual Tax revenues.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections approached $1.48 billion for the month, which was an increase of $156.4 million, or 11.9 percent, over FY 2022. Net Sales and Use Tax increased $73.3 million, or 11.1 percent, compared to August 2021, when net Sales Tax revenue totaled $663.1 million. The adjusted Sales Tax distribution to local governments totaled $736.1 million, for an increase of $88.1 million, or 13.6 percent, over the previous fiscal year. Lastly, Sales Tax refunds decreased by $5.1 million, or -63.9 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections increased by $60.2 million, to a total of 62.3 million compared to August 2021, when net Corporate Tax revenues totaled $2.1 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for August decreased by $170.7 million, or -99.6 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Order, initiated on March 9th, to extend the suspension of the Motor Fuel Excise Tax into mid-October.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by nearly $2 million, or 5.7 percent, from a total of $34.2 million in August 2021, while Title ad Valorem Tax (TAVT) collections decreased by $2.3 million, or -3.4 percent, compared to the previous year.