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Georgia tax revenues off to healthy start of new fiscal year

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ATLANTA – State tax collections have begun the new fiscal year on a strong note.

The Georgia Department of Revenue brought in nearly $2.21 billion in taxes last month – the start of fiscal 2023 – $54.2 million, or 2.5%, above July of last year.

The three major tax categories all showed increases. Individual income taxes in July were up 10.7% over the same period last year, thanks largely to a 90.5% jump in tax return payments.

Net sales tax receipts rose 10.1% last month compared to July of last year.

Corporate income tax collections were up 62.3%, mostly the result of a 71.3% drop in refunds issued by the revenue agency.

Motor fuel tax revenues were virtually non-existent, as has been the case since Gov. Brian Kemp and the General Assembly temporarily suspended the state sales tax on gasoline in March as prices at the pump soared.

Motor fuel taxes dropped 97.8% last month compared to July of last year.

The gas tax remains off the table for now. Kemp issued an executive order this week renewing the tax holiday at least through Sept. 12.

Last month’s rise in tax collections followed the closeout of fiscal 2022 the month before, which saw the state take in $33.09 billion in tax receipts for the year, an increase of 23% over fiscal 2021.  

Georgia, Taxes, Revenue

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