The State of Georgia’s net tax collections during the month of November approached $2.38 billion, for an increase of $52.9 million, or 2.3%, compared to FY 2024, when net tax collections totaled $2.32 billion for the month. Year to date, net tax revenue collections totaled nearly $13.02 billion, for a decrease of $8.3 million, or 0.1%, compared to November 2023, when net tax collections totaled $13.02 billion.
Year-to-year comparisons were affected by the 2023 motor fuel tax suspension. Net of motor fuel tax changes, revenues for the month of November were down 3.4% from the same month a year ago while year-to-date collections were down 2.2%. Net collections for November were also negatively impacted by the hurricane-related income tax filing and payment deadline extensions announced on October 3. Return and payment deadlines for both individual and corporate income taxes, from that date through April 2025, were extended to May 1, 2025, likely reducing collections of both individual and corporate income taxes except for payroll withholding collections.
The changes within the following tax categories account for November’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during November totaled roughly $1.18 billion, down from a total of nearly $1.29 billion in fiscal year 2024, for an overall decrease of $106.4 million or 8.3%.
The following notable components within Individual Income Tax combine for the net decrease:
Individual Income Tax refunds issued (net of voided checks) decreased by $11.6 million or 14.4%
Income Tax Withholding payments for November decreased by $113.7 million, or 8.9%, from FY 2024
Individual Income Estimated Tax payments increased by $2.8 million, or 21.5%, compared to FY 2024
All other Individual Tax categories, including Tax Return payments, were down a combined $7.1 million
Sales and Use Tax: Gross Sales and Use Tax collections in November totaled roughly $1.60 billion, which was an increase of $97.3 million, or 6.5%, over FY 2024. Net Sales and Use Tax increased by $44.1 million, or 5.9%, compared to last year, when net Sales Tax revenue totaled $746.9 million. The adjusted Sales Tax distribution to local governments totaled $802.1 million, for an increase of $50.2 million, or 6.7%, over last year’s adjusted distribution total of $751.9 million, while Sales Tax refunds increased by $3 million versus FY 2024.
Corporate Income Tax: Corporate Income Tax collections for November declined by $12.9 million, or 30.6%, compared to last year when net Corporate Tax revenues totaled $42.3 million.
The following notable components within Corporate Income Tax make up the net decrease:
Corporate Income Tax refunds issued (net of voids) were up $2.2 million, or 7.5%, over FY 2024
Corporate Income Estimated Tax payments decreased by $11.2 million, or 25.7%, from FY 2024
All other Corporate Tax payments, including Tax Return payments, were up a combined $0.5 million
Motor Fuel Taxes: Motor Fuel Tax collections for November increased by $130.8 million compared to last year, when Governor Kemp’s Executive Order to suspend the fuel tax and give Georgians relief from high gas prices, remained in effect until late November 2023, thereby effectively eliminating fuel tax collections for the month.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November decreased just slightly by $0.1 million, or 0.2%, compared to last year’s total of roughly $30.6 million, while Title ad Valorem Tax (TAVT) collections increased by almost $2 million, or 2.8%, from FY 2024.