ATLANTA — Georgia’s tax revenue was up more than 9% in May.
State officials said net tax collections rose to $2.69 billion, $224 million more than the previous fiscal year.
Adjusted for year-over-year increases, state officials said net tax revenue was up 0.2%.
The governor’s office said a deadline extension for tax filers due to hurricane-related issues led to more Georgians filing their taxes in May instead of April, “leading to a significant portion of both individual and corporate return payments being captured in the May reporting cycle.”
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"Year-to-date, net tax revenue totaled $30.46 billion, for an increase of $536.2 million that was driven largely 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," the governor’s office said.
According to the state, individual income taxes totaled nearly $1.33 billion, or 8.3% higher than last year.
The governor’s office highlighted the following income tax components for their increases:
- Individual Income Tax refunds issued (net of voided checks) increased $57.9 million or 38.7%
- Individual Withholding payments declined by $38.1 million, or 3.2%, from the previous fiscal year
- Individual Income Tax Return payments were up $162.5 million, or 142.9%, over last year
- All other Individual Tax categories, including Estimated payments, were up a combined $35.8 million
Corporate income tax collections, motor fuel taxes, tag and title fees and gross sales and use taxes were also higher, rounding out the statewide net revenue increase.
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