May Net Tax Revenues Down 7.6%

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For Immediate Release Friday, June 9, 2023
May Net Tax Revenues Down 7.6%
Atlanta, GA The State of Georgia's net tax collections in May totaled $2.49 billion, for a decrease of $205.7 million, or -7.6 percent, compared to May 2022 when net tax collections totaled almost $2.70 billion. Year-to-date net tax collections totaled roughly $30.29 billion, for an increase of $51.2 million, or 0.2 percent, compared to fiscal year 2022, when net tax revenues approached $30.24 billion as of the end of May.
The changes within the following tax categories help further explain May's overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections decreased by $387 million, or -23.4 percent, to a total of nearly $1.27 billion compared to last year, when net Income Tax collections approached $1.66 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Individual Income Tax refunds issued (net of voided checks) were up $159.4 million, or 119.3 percent Individual Withholding payments increased by $80.9 million, or 6.8 percent, over fiscal year 2022 Individual Income Tax Return payments were down $320.2 million, or -63.8 percent, from May 2022 All other Individual categories, including Non-Resident Return payments, were up a combined $11.7 million
Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled $1.47 billion, which was an increase of $32.1 million, or 2.2 percent, over fiscal year 2022. Net Sales and Use Tax increased by $15.7 million, or 2.2 percent, from May 2022, when net sales tax totaled $727.1 million. The adjusted Sales Tax distribution to local governments
6/12/2023, 8:28 AM

May Net Tax Revenues Down 7.6%

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totaled $725.3 million, for an increase of $13.6 million, or 1.9 percent, compared to last year. Lastly, Sales Tax refunds increased by $2.8 million, or 93.6 percent, compared to May 2022.
Corporate Income Tax: Corporate Income Tax collections increased by $30.4 million, or 38.6 percent, compared to FY 2022, when net Corporate Tax collections totaled $78.8 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Corporate Income Tax refunds issued (net of voided checks) were down $6.8 million, or -49.5 percent Corporate Income Tax Return payments increased by $10.2 million, or 33.7 percent, over FY 2022
All other Corporate Tax categories, including Corporate Estimated payments, were up $13.4 million
Motor Fuel Taxes: Motor Fuel Tax collections for May increased by $180.2 million from the same time last year, when Governor Kemp's Executive Order to suspend the Motor Fuel Excise Tax was in effect for the entire month of May.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees for May decreased by $0.4 million, or -1.2 percent, from FY 2022, and Title Ad Valorem Tax (TAVT) May collections declined by $2.3 million, or -3.4 percent, from FY 2022, when TAVT totaled $69.2 million.

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6/12/2023, 8:28 AM

May Net Tax Revenues Down 7.6%

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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

6/12/2023, 8:28 AM

May Net Tax Revenues Down 7.6%

https://madmimi.com/p/6e3f761?pact=1022830-173925608-115544648...

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6/12/2023, 8:28 AM