April 18, 2024
ATLANTA – Georgia tax collections rose slightly last month compared to May of last year after two consecutive months of soaring revenues caused by a delay in last year’s filing deadline until mid-May.
The state Department of Revenue collected almost $2.7 billion last month, up 1.6% from May of 2021. That modest increase followed a 78.9% hike in tax receipts in April and a 45.5% jump in March, both resulting from moving the filing deadline from mid-April.
Tax revenues for the first 11 months of the current fiscal year rose by 23.9% over the first 11 months of fiscal 2021, as Georgia’s economy continued its recovery from the pandemic.
Individual income tax collections in May were up 5.8% over the same month last year, as refunds issued by the revenue agency fell 66.5%.
Net sales taxes rose by 10.5% last month reflecting increased economic activity.
Corporate income taxes, typically more volatile than individual income or sales taxes, increased by 53.8% in May. Corporate tax payments were up by 138.9%, while refunds declined by 42.8%.
State gasoline tax revenues fell nearly 100%, a result of the General Assembly’s passage of legislation in March temporarily suspending collection of the tax to help dent rising prices at the pump.
Gov Brian Kemp extended the suspension late last month with an executive order set to run through July 14.
