January Tax Revenues Up 0.1%; Adjusted YTD Down 0.9%

ATLANTA – The State of Georgia’s net tax collections in the month of January totaled slightly more than $3.05 billion, for an increase of roughly $2 million, or 0.1%, compared to January 2024, when net tax collections totaled just shy of $3.05 billion for the month. Year-to-date, net tax revenue collections totaled nearly $19.41 billion, for an increase of $285.1 million that was driven chiefly by the collection of the state’s motor fuel excise tax, which was suspended by Executive Order for a two and a half month period of FY 2024. Adjusting for the motor fuel tax changes, year-to-date net tax revenue collections for the period-ending January 31 were down $173.1 million or 0.9%.

The changes within the following tax categories account for January’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections in January totaled roughly $1.59 billion, down from a total of nearly $1.67 billion in fiscal year 2024, for a decrease of $71.1 million or 4.3%.

The following notable components within Individual Income Tax combine for the net decrease:

• Individual Income Tax refunds issued (net of voided checks) decreased by $90.6 million or 61.5%
• Income Tax Withholding payments decreased by $92.6 million or 6.5% from January 2024
• Individual Income Tax Estimated payments decreased by $41.9 million or 16.9% from FY 2024
• All other Individual Tax categories, including Tax Return payments, were down a combined $27.2 million

Sales and Use Tax:  Gross Sales and Use Tax collections in January totaled nearly $1.85 billion, for an increase of $108.6 million, or 6.2%, over FY 2024.  Net Sales and Use Tax increased by $39.6 million or 4.5% compared to last year, when net Sales Tax totaled $870.9 million. The adjusted Sales Tax distribution to local governments totaled $930.4 million for an increase of $70.8 million, while Sales Tax refunds declined by $1.7 million.  

Corporate Income Tax:  Corporate Income Tax collections for the month increased by $16.7 million or 11.6% compared to last year, when net Corporate Tax revenues totaled $144.2 million in January.

The following notable components within Corporate Income Tax make up the net increase:

• Corporate Income Tax refunds issued (net of voids) were down $69.7 million or 65.1% from FY 2024
• Corporate Income Tax Estimated payments decreased by $36 million or 25.9% from last year
• All other Corporate Tax payments, including S-Corporation payments, were down a combined $17 million

Motor Fuel Taxes:  Motor Fuel Tax collections during the month increased by $13.9 million or 7.7% from last year when motor fuel tax collections totaled $179.7 million in January of FY 2024.

Motor Vehicle – Tag, Title & Fees:  Motor Vehicle Tag & Title Fee collections for the month decreased by $3.9 million or 10.1%, while Title ad Valorem Tax (TAVT) collections increased by $6.3 million or 9.5%.