Georgia’s tax revenue for July surged to $2.56 billion, driven by increases in sales, excise, and corporate taxes, though payroll taxes and car-related taxes saw some declines.
Georgia Sees 2.7% Increase in July Tax Revenue, Driven by Sales and Corporate Tax Gains
According to Mamey, Georgia Governor Brian Kemp’s office reported a big rise in the state’s tax revenue for July, reaching $2.56 billion. This is a 2.7% increase from the same month last year, with an extra $66.3 million. Higher collections in sales, excise, and fuel taxes drove this boost. Sales and excise taxes were up 4.5%, totaling $1.6 billion, and corporate taxes rose by 28.4% to $123.9 million. Fuel taxes also went up 4.5% to $183.1 million.
Other areas of revenue also saw growth. Fees for vehicle registrations and related documents increased by 12.7%. Income tax payments grew by 23.3%, or $3.9 million. However, there were some decreases as well. Payroll tax withholding payments dropped by 1%, or $12.7 million, and corporate tax refunds fell sharply by 110.1%, or $23.2 million. Ad valorem taxes on cars also decreased by 8.7%, or $6.4 million.
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$2.56 Billion in July Tax Revenue: Georgia Sees 2.7% Increase Driven by Sales and Corporate Tax Gains (PHOTO: AllOnGeorgia)
Georgia Tax Revenue Report: July Shows Growth in Sales and Corporate Taxes, but Declines in Payroll and Car Taxes
Overall, Georgia’s tax revenue report for July shows a positive trend with increases in sales, and corporate, and fuel taxes. Yet, there are some drops in payroll taxes, corporate tax refunds, and car-related taxes.
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