September Tax Revenues Down 2.8%

Atlanta, GA – The State of Georgia’s net tax collections during the month of September approached $3.21 billion, for a decrease of $91.2 million, or 2.8%, compared to FY 2024 when net tax collections totaled almost $3.3 billion for the month. Year to date, net tax revenue collections totaled roughly $8.11 billion, for an increase of $29.5 million, or 0.4%, compared to September 2023 when net tax collections approached $8.08 billion.

The changes within the following tax categories account for September’s overall net tax revenue decrease:
 
Individual Income Tax: Individual Income Tax collections during the month totaled nearly $1.44 billion, up from a total of almost $1.39 billion in fiscal year 2024, for an increase of $50.2 million or 3.6%.

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

• Individual Income Tax refunds issued (net of voided checks) decreased by $35.4 million or 27.9%
• Income Tax Withholding payments for September decreased by $4.1 million, or 0.3%, from FY 2024
• Individual Income Tax Estimated payments increased by $19.5 million, or 12%, over FY 2024
• All other Individual Tax categories, including Tax Return payments, were down a combined $0.6 million

Sales and Use Tax: Gross Sales and Use Tax collections for September totaled roughly $1.55 billion, which was an increase of $36 million, or 2.4%, over FY 2024. Net Sales and Use Tax decreased by $52.5 million, or 6.4%, compared to September 2023 when net Sales Tax revenue totaled $820.2 million. The adjusted Sales Tax distribution to local governments totaled $773.7 million, which was an increase of $91.4 million, or 13.4%, from last year’s adjusted distribution total of $682.3 million. Sales Tax refunds decreased by roughly $2.9 million compared to FY 2024.

Corporate Income Tax: Corporate Income Tax collections for September decreased by nearly $90 million, or 13.1%, compared to last year, when net Corporate Tax revenues totaled $687.5 million.

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

• Corporate Income Tax refunds issued (net of voids) were up $29.7 million compared to September 2023
• Corporate Income Tax Estimated payments decreased by $47.2 million, or 10.9%, from FY 2024
• All other Corporate Tax payments, including Corporate Return payments, were down a combined $13.1 million

Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $6.7 million, or 3.5%, compared to FY 2024 when motor fuel tax collections totaled $193.4 million.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for September rose by $0.2 million, or 0.7%, while Title ad Valorem Tax (TAVT) collections decreased by $2.6 million, or 3.2%, from FY 2024.