March Net Tax Revenues Decline 3%
The State of Georgia’s net tax collections for March totaled almost $2.68 billion, for a decrease of nearly $83 million or -3 percent, compared to March 2022, when net tax collections totaled $2.76 billion, according a press release issued April 14 by Governor Brian Kemp.
Year-to-date, net tax collections totaled nearly $23.61 billion, for an increase of roughly $1.09 billion or 4.8 percent, compared to last year, when net tax revenues totaled $22.52 billion at the end of the third quarter.
The changes within the following tax categories help further explain March’s overall net tax revenue decrease: Individual Income Tax: Individual Income Tax collections fell by $400.1 million, or -25.2 percent, to a total of nearly $1.19 billion compared to last year when Income Tax collections totaled roughly $1.59 billion.
The following notable components within Individual Income Tax combine for the net decrease: Individual Income Tax refunds issued (net of voided checks) were up $392.9 million, or 121.9 percent.
Individual Withhold ing payments increased by $93.9 million, or 6 percent, compared to last fiscal year.
Individual Income Tax Non-Resident Return payments were down $70.9 million, or -49.6 percent, from FY 2022.
All other Individual Tax categories, including Return payments, were downacombined $30.2 million.
Sales and Use Tax:
Gross Sales and Use Tax collections for March totaled roughly $1.34 billion, for an increase of $76.5 million or 6 percent, over FY 2022. Net Sales and Use Tax increased by nearly $24.2 million or 3.8 percent, compared to March 2022, when net sales tax totaled $636.2 million. The adjusted Sales Tax distribution to local governments totaled $668.5 million, for an increase of $40.3 million or 6.4 percent, compared to FY 2022. Lastly, Sales Tax refunds increased by $12.1 million or 324.2 percent, compared to March 2022.
Corporate Income Tax: Corporate Income Tax collections totaled $497.7 million, for an increase of $292.8 million or 142.9 percent over last year, when Corporate Tax collections totaled $204.9 million in March.
The following notable components within Corporate Income Tax make up the net increase: Corporate Income Tax refunds issued (net of voided checks) were up $42.8 million, or 972 percent.
Corporate Income Tax Return payments increased by $230.7 million, or 530.4 percent, over last year.
All other Corporate Tax types, including SCorp and Estimated payments, were up a combined $104.9 million.
Motor Fuel Taxes:
Motor Fuel Tax collections increased by $1.4 million, or 0.9 percent, over March FY 2022.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $4.1 million, or -10.5 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 5.9 percent, compared to last year, when TAVT totaled almost $60.6 million for the month.