Press release, 2023 December 8a.

November Tax Revenues Up 1.5%, Adjusted Year-to-Date Revenues D... https://madmimi.com/p/bf24381?pact=1195412-178013979-115544648... Like Tweet Pin +1 in

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For Immediate Release Friday, December 8, 2023
November Tax Revenues Up 1.5%, Adjusted Yearto-Date Revenues Down 1.7%
Atlanta, GA The State of Georgia's net tax collections in the month of November totaled $2.32 billion for an increase of $33.7 million, or 1.5 percent, compared to November 2022, when net tax collections totaled almost $2.29 billion for the month. Year-to-date net tax revenues total $13.02 billion for an increase of $412.1 million, or 3.3 percent, over the same five-month period last year, driven principally by the collection of the state motor fuel tax that was suspended during much of the same period in 2022. Net of motor fuel tax changes, revenues for the five months ended November 30 were down 1.7 percent from this time a year ago.
The changes within the following tax categories account for November's overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for November totaled nearly $1.29 billion, up from a total of $1.28 billion in fiscal year 2023, for an increase of $6.8 million or 0.5 percent.
The following notable components within Individual Income Tax combine for the net increase:
Individual Income Tax refunds issued (net of voided checks) increased by $25.5 million or 46.6 percent Income Tax Withholding payments increased by $50.7 million or 4.1 percent over November FY 2023 Individual Income Tax Estimated payments decreased by $5.9 million or -31.1 percent from FY 2023 All other Individual Tax categories, including Tax Return payments, were down a combined $12.5 million
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November Tax Revenues Up 1.5%, Adjusted Year-to-Date Revenues D... https://madmimi.com/p/bf24381?pact=1195412-178013979-115544648...
Sales and Use Tax: Gross Sales and Use Tax collections for November approached $1.51 billion, for an increase of $25.4 million or 1.7 percent over FY 2023. Net Sales and Use Tax increased by $11 million or 1.5 percent, compared to FY 2023 when net Sales Tax totaled $735.9 million. The adjusted Sales Tax distribution to local governments totaled $751.9 million for an increase of $12.3 million, while Sales Tax refunds increased by $2.1 million.
Corporate Income Tax: Corporate Income Tax collections for the month increased by $13.8 million, or 48.4 percent, compared to last year when net Corporate Tax revenues totaled $28.5 million in November.
The following notable components within Corporate Income Tax make up the net increase:
Corporate Income Tax refunds issued (net of voids) were up $12.4 million or 73.6 percent over FY 2023 Corporate Income Tax Return payments increased by $7.8 million or 219.3 percent from November 2022 All other Corporate Tax payments, including Corporate Estimated payments, were up a combined $18.4 million
Motor Fuel Taxes: Monthly Motor Fuel Tax collections fell slightly by $0.1 million from last year, when Governor Kemp's Executive Order to suspend the Motor Fuel Excise Tax was also in effect during the entire month. Governor Kemp extended the suspension of the collection of the state motor fuel tax beyond the Thanksgiving holiday with his November 8th Executive Order, with the suspension ending on November 29.
Motor Vehicle Tag, Title & Fees: Motor Vehicle Tag & Title Fee collections for the month increased by $2.8 million, or 10.1 percent, while Title ad Valorem Tax (TAVT) collections increased by $5.1 million, or 7.7 percent, over FY 2023.

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12/11/2023, 8:55 AM

November Tax Revenues Up 1.5%, Adjusted Year-to-Date Revenues D... https://madmimi.com/p/bf24381?pact=1195412-178013979-115544648...

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Press Contacts
Garrison Douglas - Press Secretary Office of Governor Brian P. Kemp garrison.douglas@georgia.gov
Carter Chapman - Deputy Press Secretary Office of Governor Brian P. Kemp carter.chapman@georgia.gov
Austin Gibbons - Director of External Affairs and Communications Georgia Department of Revenue

12/11/2023, 8:55 AM

November Tax Revenues Up 1.5%, Adjusted Year-to-Date Revenues D... https://madmimi.com/p/bf24381?pact=1195412-178013979-115544648... austin.gibbons@dor.ga.gov
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