(The Center Square) — Georgia’s net tax collections continue to decline, with the state reporting decreased collections for the third consecutive month.
Peach State officials said May’s nearly $2.5 billion in tax collections decreased 7.6% — or $205.7 million — from a year ago. However, net tax collections of nearly $30.3 billion this fiscal year are 0.2% — or $51.2 million — higher than last year.
The state’s 2023 fiscal year ends on June 30.
According to state revenue numbers, individual income tax collections decreased 23.4% — or $387 million — from last year. So far, in fiscal 2023, individual income tax collections are down about 6.7% from last year.
Conversely, corporate income tax collections were up 38.6% — or more than $30.4 million — in May and 67.4% — or nearly $1.4 billion — so far this fiscal year.
Net sales and use tax collections increased 2.2% — $15.7 million — in May. Net sales and use tax collections in fiscal 2023 are up 8.8% — or nearly $667.2 million from last fiscal year.
Georgia officials previously reported that April’s net tax collections decreased by 16.5% over a year ago, while net tax collections for March decreased by 3% from a year ago.
Georgia’s motor fuel tax collections are down 59.7% — or more than $956 million — from last year. On March 18, 2022, Gov. Brian Kemp, a Republican, signed House Bill 304 to suspend gas tax collections, a prohibition he extended to run through Jan. 10.
