Georgia’s fiscal health hit a snag in October, with tax revenues taking a dip according to recent numbers from the state government. Net tax collections came in at $2.53 billion, marking a 3.4 percent decrease from the previous fiscal year’s same month tally of $2.62 billion. With year-to-date figures showing revenues at almost $10.64 billion, a 0.6% decline from October 2023’s $10.7 billion.
October’s revenue saw a 7.7% year-over-year drop when adjusting for 2023’s motor fuel tax suspension, with year-to-date revenue down 1.9%. This decline isn’t just due to past tax breaks. Tax filing deadlines were extended until May 1, 2025, due to hurricane disruptions, reducing individual and corporate income tax collections, though payroll withholding remained stable.
Individual income tax collections in October saw a sharp decline, dropping 8.7% to $1.26 billion from last year’s $1.38 billion—a $119.6 million decrease. Lower refunds, down by $27.2 million (10%), offered slight relief, but withholding payments fell by $49.3 million (3.8%), and income tax return payments plunged by $104.3 million (36.5%). Only a modest $6.8 million increase in estimated payments slightly offset these losses.
Corporate income tax collections dropped significantly to $62.8 million, down 47.4% from last year. Sales and use taxes were mostly flat, with a slight gross increase of $2.3 million but a 1% net decrease due to increased refunds and local government distributions. Motor fuel taxes, however, saw a big boost, rising $105.6 million (146.1%) compared to last year, thanks to last year’s fuel tax suspension. Meanwhile, Motor Vehicle Tag & Title Fees stayed steady, while the Title Ad Valorem Tax (TAVT) fell by $6.2 million (8.5%).
This financial update, courtesy of the Georgia governor’s office, offers a snapshot of the state’s economic pulse. Behind these figures lies more than just government balances—they reflect the livelihoods of Georgians and the everyday economic tides they navigate. These stats don’t just show revenue changes; they tell the story of a state striving to balance fiscal goals against economic uncertainties, as the
governor’s office
reported.
Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!
Leave a Reply