The State of Georgia's net tax collections for March were down about 3% from the year prior, to a total of $2.68 billion.
According to a press release from Governor Brian Kemp's Office, March's total was down $83 million from March 2022, when net tax collections totaled $2.76 billion.
Year-to-date, net tax collections totaled nearly $23.61 billion for an increase of roughly $1.09 billion, or 4.8%, compared to the previous year.
Individual income tax collections dropped by $400.1 million in March, or -25.2%, to a total of nearly $1.19 billion compared to the previous year.
Kemp's office noted the following reasons for the income tax collection drop:
- Individual income tax refunds issued were up $392.9 million, or 121.9%.
- Individual withholding payments increased by $93.9 million, or 6%, compared to the previous fiscal year.
- Individual income tax non-resident return payments were down $70.9 million, or -49.6%, from FY 2022.
- All other individual tax categories, including return payments, were down a combined $30.2 million.
Gross sales and use tax collection for March were up 6% to a total of $1.34 billion. Net sales and use tax also saw an increase, up 3.8% to a total of $24.2 million.
Corporate income tax collections totaled $497.7 million, for an increase of $292.8 million or 142.9% over the previous year.
Finally, motor fuel tax collections increased by $1.4 million, or 0.9%, over March FY 2022.
More information is available here.
http://accesswdun.com/article/2023/4/1178450/georgias-march-net-tax-revenues-decline-3