Georgia taxes and collections are said to have declined for the first quarter of this fiscal year.
Georgia Taxes And Collections
Georgia taxes and collections in September were higher compared to the same month last year. But when accounting for the absence of the gasoline and motor fuel tax, the adjusted revenues for Georgia taxes were actually down by 3.2%.
Georgia taxes including individual income tax receipts decreased by 10.5%. This decline in Georgia taxes is due to a significant increase in refunds issued and a decline in tax return payments.
However, net sales tax revenues that also contribute to Georgia taxes have increased by 9.5%, and corporate income taxes were up by 13.8%. Motor fuel tax receipts, another contributor to Georgia taxes, saw a significant increase of $199.8 million in September compared to last year when the tax was suspended by Gov. Brian Kemp.
According to a published article by Newnan CEO, overall, Georgia tax and collections for the first quarter of this fiscal year declined by 1.3%. This decline in Georgia taxes is due to not accounting for the motor fuels tax.
Suspension Of Gas Taxes
In a published article by The Rome News-Tribune, the increase in tax collections is largely due to the suspension of gas taxes, which were reimposed by Governor Brian Kemp in September due to inflation. Tax collections in the first quarter of the current fiscal year declined by 1.3% if the gas tax revenue is excluded.