Gov. Kemp: June Net Tax Revenues Up 4.1%; Adjusted YTD Up 0.6%

ATLANTA - The State of Georgia's net tax collections in June totaled roughly $3.15 billion for an increase of $124.3 million, or 4.1 percent, compared to FY 2024 when net tax collections approached $3.03 billion for the month.

Year-to-date, net tax revenue totaled almost $33.62 billion for an increase of $668.3 million that was driven significantly by the State's collection of motor fuel excise tax, which was suspended by Executive Order for a period of two and a half months during the fall quarter of FY 2024. Adjusting for the year-over-year motor fuel tax changes, year-to-date net tax revenue collections for the fiscal year-ended June 30 were up $197.4 million, or 0.6 percent.

The changes within the following tax categories help to further explain June's overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections totaled roughly $1.49 billion, for an increase of $166.1 million, or 12.5 percent, compared to last year when Individual Tax collections approached $1.33 billion.

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

• Individual Income Tax refunds issued (net of voided checks) decreased $4.3 million or -4.3 percent
• Individual Withholding payments increased by $75.4 million, or 6.7 percent, over last fiscal year
• Individual Income Tax Return payments were up $81.6 million, or 118 percent, from June 2024
• All other Individual Tax categories, including Estimated payments, were up a combined $4.8 million

Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.59 billion in June, for an increase of $38.2 million, or 2.5 percent, compared to FY 2024. Net Sales and Use Tax increased by $21.2 million, or 2.8 percent, compared to last year when net sales tax totaled $756.7 million. The adjusted Sales Tax distribution to local governments totaled $795.3 million, for an increase of roughly $3.7 million, or 0.5 percent, while Sales Tax refunds increased by $13.3 million compared to the previous fiscal year.

Corporate Income Tax: Corporate Income Tax collections for the month totaled $484.7 million, which was a decrease of $52.7 million, or -9.8 percent, compared to last year's total of $537.4 million.

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

• Corporate Income Tax refunds issued (net of voids) increased $23.8 million, or 157.5 percent
• Corporate Income Tax Estimated payments decreased by $14.8 million, or -4.0 percent, from June 2024
• All other Corporate Tax types, including S-Corporate payments, were down a combined $14.1 million

Motor Fuel Taxes: Motor Fuel Tax collections decreased by $0.5 million, or -0.3 percent, compared to FY 2024.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $2 million, or -6.2 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $1.6 million, or 2.1 percent, over June 2024.