February Tax Revenues Up 4.6%; Adjusted YTD Down 0.4%

GEORGIA, March 10 - ATLANTA – The State of Georgia’s net tax collections in the month of February approached $2.13 billion, for an increase of $94.2 million, or 4.6%, compared to February 2024, when net tax collections totaled $2.03 billion for the month.  Year-to-date, net tax revenue collections totaled $21.53 billion, for an increase of $379.2 million that was driven chiefly by the collection of the state’s motor fuel excise tax, which was suspended by Executive Order for a period of two and a half months during FY 2024.  Adjusting for the motor fuel tax changes, year-to-date net tax revenue collections for the period-ending February 28 were down $82.7 million, or 0.4%. 

The changes within the following tax categories account for February’s overall net tax revenue increase:

Individual Income Tax:  Individual Income Tax collections for the month totaled roughly $1.01 billion, for an increase of $130.5 million, or 14.9%, compared to last year, when net Individual Tax revenue totaled $878.8 million.

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

• Individual Income Tax refunds issued (net of voided checks) decreased by $55.7 million or 12.1%
• Income Tax Withholding payments were up by $64.7 million, or 5.2%, over February 2024
• Individual Income Tax Return payments increased by $4.2 million or 10.3% from FY 2024
• All other Individual Tax categories, including Estimated Tax payments, were up a combined $5.9 million

Sales and Use Tax:  Gross Sales and Use Tax collections in February totaled nearly $1.45 billion, for an increase of $34.4 million, or 2.4%, over FY 2024.  Net Sales and Use Tax declined by $18.2 million or 2.6% compared to last year, when net Sales Tax totaled roughly $701 million. The adjusted Sales Tax distribution to local governments totaled $752.2 million for an increase of $46.2 million, while Sales Tax refunds increased $6.4 million.  

Corporate Income Tax:  Corporate Income Tax collections for February decreased by $14.4 million, or 16.2%, compared to FY 2024, when net Corporate Tax revenues totaled $88.9 million for the month.

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

• Corporate Income Tax refunds issued (net of voids) were down $10 million or 31.9% from FY 2024
• Corporate Income Tax Estimated payments declined by $19.8 million, or 45.9%, compared to last year
• All other Corporate Tax payments, including Corporate Return payments, were down a combined $4.6 million

Motor Fuel Taxes:  Motor Fuel Tax collections during the month increased by $3.7 million, or 2.1%, from last year when motor fuel tax collections totaled $176.7 million in February of FY 2024.

Motor Vehicle – Tag, Title & Fees:  Motor Vehicle Tag & Title Fee collections for the month decreased by roughly $0.7 million, or -1.5%, while Title ad Valorem Tax (TAVT) collections increased by $3.2 million or 4.3%.