Georgia revenues down in fiscal 2024
(The Center Square) — Georgia revenue officials reported some good news for June as the state’s net tax collections increased 6.5% from a year ago.
Net tax collections for the month surpassed $3 billion, an increase of $185.4 million over the $2.8 billion collected in June 2023. Numbers released on Friday show June’s individual income tax collections increased by 2.8%, sales and use tax collections increased by 2.9% and corporate income tax collections increased by 31.4% from last year.
However, the year-to-date net tax revenue of more than $32.9 billion decreased by 0.5%, or $182.2 million, from fiscal 2023. Aside from motor fuel tax collections, which state officials noted were suspended for more than half the year, net revenues for fiscal 2024 declined 3.4% from fiscal 2023.
Year-to-date individual income tax collections were down 5.6%, while corporate income tax collections were down 5.1%.
The numbers were also below the nearly $33.5 billion in total General Fund receipts the governor anticipated in the amended fiscal 2024 budget. State lawmakers approved an amended fiscal 2024 budget calling for more than $32.8 billion in state General Fund revenues.
A spokesman for Republican Gov. Brian Kemp did not respond to a request for comment on whether officials were concerned about the decreased collections and whether lawmakers should make any revenue projection changes when they return.
Georgia’s fiscal 2025 started July 1.
