More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?
The State of Georgia’s net tax collections for January totaled nearly $2.99 billion, for an increase of $32.9 million, or 1.1 percent, compared to January 2022, when net tax collections totaled $2.95 billion. Year-to-date, net tax collections totaled roughly $18.81 billion, for an increase of almost $1 billion, or 5.6 percent, compared to FY 2022 when revenues totaled $17.81 billion at the end of January.
The changes within the following tax categories help further explain January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections decreased by a total of roughly $70.1 million, or -4 percent, compared to last year when Individual Tax collections totaled $1.74 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.73 billion, for an increase of $167.7 million, or 10.8 percent, over FY 2022. Net Sales and Use Tax increased by **$78.4 million, **or 9.9 percent, over last year, when net sales tax totaled $790.7 million. The adjusted Sales Tax distribution to local governments totaled $847.5 million, for an increase of $81.5 million, or 10.6 percent, compared to last year. Lastly, Sales Tax refunds increased by $7.8 million, or 353.3 percent, compared to FY 2022.
**Corporate Income Tax: ** Corporate Income Tax collections totaled $254.2 million in January, for an increase of $178.3 million, or 234.9 percent, over last year when Corporate Tax collections totaled $75.9 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $166.9 million, or -98.7 percent, compared to last year, as a result of Governor Kemp’s Executive Orders to suspend the Motor Fuel Excise Tax through January 10th.
Motor Vehicle - Tag & Title Fees**:** Motor Vehicle Tag & Title Fees for the month increased by $5.8 million, or 16.9 percent, while Title Ad Valorem Tax (TAVT) collections increased by just $0.4 million, or 0.6 percent, compared to last year’s total of roughly $64.8 million.