Gov Kemp: July Net Tax Revenues Up 2.5%

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For Immediate Release Friday, August 5, 2022
Gov Kemp: July Net Tax Revenues Up 2.5%
Atlanta, GA The State of Georgia's net tax collections during the first month of FY 2023 totaled nearly $2.21 billion for an increase of $54.2 million, or 2.5 percent, over July 2021 (FY 22), when net tax collections approached $2.16 billion.
The changes within the following tax categories account for July's overall net tax revenue increase.
Individual Income Tax: Individual Income Tax collections during the month totaled $1.17 billion, up from almost $1.06 billion in July 2021, for an increase of $113.3 million or 10.7 percent.
The following notable components within Individual Income Tax combine for the net increase: * Individual Income Tax refunds issued (net of voided checks) decreased by $5.6 million or -6.5 percent * Income Tax Withholding payments for July increased by $103.1 million, or 9.9 percent, from FY 2022 * Individual Income Tax Return payments increased by $20.3 million, or 90.5 percent, over July 2021 * All other Individual Tax categories, including Estimated Tax payments, were down a combined $15.7 million
Sales and Use Tax: Gross Sales and Use Tax collections approached $1.51 billion in July, for an increase of $157.9 million, or 11.7 percent, over FY 2022. Net Sales and Use Tax increased nearly $69.2 million, or 10.1 percent, compared to July 2021, when net Sales Tax revenue totaled $687 million. The adjusted Sales Tax distribution to local governments totaled $748.4 million, for an increase of $87.4 million, or 13.2 percent, over last year. Lastly, Sales Tax refunds increased by $1.3 million, or 55.7 percent, compared to FY 2022.
8/9/2022, 9:32 AM

Gov Kemp: July Net Tax Revenues Up 2.5%

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Corporate Income Tax: Corporate Income Tax collections for July totaled $95 million, which was an increase of $36.5 million, or 62.3 percent, from FY 2022 when net Corporate Tax revenues totaled $58.5 million for July.
The following notable components within Corporate Income Tax make up the net increase: * Corporate Income Tax refunds issued (net of voids) were down $14.1 million, or -71.3 percent, from FY `22 * Corporate Income Tax Return payments increased by $17.5 million, or 131.9 percent, from last year * All other Corporate payments, including Estimated payments, were up a combined $4.9 million over last year
Motor Fuel Taxes: Motor Fuel Tax collections for the month of July decreased by $157.2 million, or -97.8 percent, compared to FY 2022, as a result of Governor Kemp's Executive Order to extend the suspension of the Motor Fuel Excise Tax through mid-August.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections decreased by $4.6 million, or -13.9 percent, from a total of $33.2 million in July 2021, while Title ad Valorem Tax (TAVT) collections fell by $3.9 million, or -5.3 percent, compared to the previous fiscal year.

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8/9/2022, 9:32 AM

Gov Kemp: July Net Tax Revenues Up 2.5%

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Press Contacts
Katie Byrd - Director of Communications Office of Governor Brian P. Kemp katie.byrd@georgia.gov
Andrew Isenhour - Deputy Director of Communications Office of Governor Brian P. Kemp andrew.isenhour@georgia.gov

8/9/2022, 9:32 AM

Gov Kemp: July Net Tax Revenues Up 2.5%

https://madmimi.com/p/5bc0641?pact=670355-168864202-11554464864...

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8/9/2022, 9:32 AM