(The Center Square) — Georgia’s tax revenues were up in November compared to last year’s numbers, but income tax collections declined by 8.3%, according to Gov. Brian Kemp’s office.
The state collected nearly $2.38 billion, about $52.9 million more than last year.
The increase was partially driven by a $130.8 million jump in motor fuel taxes over last year. Kemp suspended the tax last year when gas prices were high. Collections in Nov. 2023 were just $908,000 last year compared to more than $131 million this year.
Estimated tax payments for corporations dropped $11.2 million, about 25.7%, from November of last year. Payments due in October were extended until May for those affected by Hurricane Helene.
Tax breaks were also extended to individual income tax filers, which is attributed to a drop in income tax revenue from $1.29 billion last year to $1.18 billion. The Department of Revenue announced in October that anyone who received an extension on their 2023 taxes due Oct. 15 would have until May 2025 to pay them.
House Speaker Jon Burns said in October the state has more than $19 billion in surplus. Kemp and other lawmakers are proposing a rebate that would return $1 billion to taxpayers.
The plan gives $250 to single tax filers, $375 to single head of household filers and $500 for married couples filing jointly for the 2024 tax year.
