(The Center Square) — Georgia continues to start the new fiscal year strong, with new numbers showing the state’s General Fund receipts for August were higher than they were a year ago.
According to numbers released by the governor’s office, Georgia’s net tax collections during August, the second month of fiscal 2025, surpassed $2.3 billion, an increase of 2.4% or $54.3 million, compared to last year’s net tax collections of less than $2.3 billion.
According to Peach State officials, so far in fiscal 2025, which started on July 1, net tax collections totaled $4.9 billion, an increase of 2.5% or $120.6 million compared to fiscal 2024, when net tax collections approached $4.8 billion after two months.
The state saw a 9.1% or $114.5 million decrease in individual income tax collections compared to last August when they surpassed $1.2 billion.
During the month, gross sales and use tax collections totaled nearly $1.6 billion, an increase of 3.8% or $57.7 million from a year ago. Net sales and use tax collections increased by 14.7% or $97.2 million from last August’s $662.4 million in collections.
August’s motor fuel tax collections hit $193.2 million, an increase of 6% or $10.9 million from last year’s collections of $182.3 million. However, according to AAA, Georgia’s gas prices continue to decline.
“Gas prices are down significantly in parts of the state,” Montrae Waiters, AAA spokeswoman, said in an announcement. “Low demand post-Labor Day, crude oil prices trending under $70, and no major storms in the gulf threatening refineries, keep pump prices low for now.”
Last month, Georgia officials said that total General Fund receipts for July surpassed $2.5 billion. According to state numbers, that was an increase of 2.7%, or $66.3 million, over July 2023 in fiscal 2024, when net tax collections totaled nearly $2.5 billion.
Net tax collections in June surpassed $3 billion, an increase of 6.5% or $185.4 million from a year earlier. In July, state officials said year-to-date net tax revenue totaled more than $32.9 billion, a decrease of 0.5% or nearly $182.2 million from fiscal 2023.
