ATLANTA — Georgia’s net tax collections for September totaled $3.27 billion, marking a 1.9% increase from the same month last year for an increase of $60.3 million, according to Gov. Brian Kemp’s office.
The increase in net tax collections was driven by gains in several tax categories, including individual income tax, which rose by 3.2%, and corporate income tax, which increased by 7.6% compared to September of the previous fiscal year.
Individual income tax collections reached nearly $1.49 billion in September, up from almost $1.44 billion in the previous fiscal year. This increase was attributed to a decrease in tax refunds issued and higher withholding and estimated payments.
Channel 2 Action News reported in August that Georgia lawmakers are considering eliminating the state’s personal income tax, with lawmakers telling Channel 2’s Richard Elliot the move is an effort to keep the state competitive.
Sales and use tax collections showed mixed results. While gross collections increased by 2.9%, net collections decreased by 3.5% due to higher sales tax refunds.
Corporate income tax collections saw a notable rise, with refunds decreasing significantly and estimated payments increasing by $8.2 million. All other corporate tax payments were up $18.2 million.
Motor fuel tax collections also experienced a modest increase of 1.8%, while Motor vehicle tag and title fee collections surged by 20.8%. However, title ad valorem tax collections saw a decline of 8.5%.
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