ATLANTA – Georgia net tax revenues reportedly increased $66.3 million in July compared to fiscal year 2024.

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Georgia’s net tax revenues totaled $2.56 billion in the first month of fiscal year 2025, an increase of 66.3 million US dollars or 2.7 percent from July 2023 (FY 2024), when net tax revenues were nearly $2.50 billion.

The changes in the following tax categories account for the total net tax revenue in July increase:

Income tax:Income tax revenues for this month fell by 5.2 million US dollars or 0.4 percent, down from approximately $1.26 billion in July 2023 (FY 2024).

The following important components of income tax together make up the net amount reduce:

• Income tax refunds (net of cancelled checks) increased $3.8 million, or 3.6 percent.
• Withholding tax payments for July decreased by $12.7 million, or 1.0 percent, compared to FY 2024
• Estimated income tax payments increased by $3.9 million, or 23.3 percent, compared to July 2023
• All other categories of income tax, including tax returns, increased by a total of $7.4 million

Sales and consumption tax: Gross sales and use tax revenues in July were nearly $1.60 billion, an increase of $68.3 million, or 4.5 percent, from fiscal year 2024. Net sales and use tax revenues increased 36.8 million US dollars or 4.8 percent, compared to July 2023, when net sales tax revenues were $772.2 million. Adjusted sales tax distributions to local governments were $776.7 million, an increase of $28.7 million from the previous year, while sales tax refunds increased $2.9, or 42.9 percent, compared to July of fiscal year 2024.

Corporate tax: Corporate tax revenues totaled $123.9 million in July, an increase of 27.4 million US dollars or 28.4 percent beginning in fiscal year 2024, when net corporate tax revenues would be $96.5 million.

The following important components of corporate tax make up the net amount increase:

• Corporate tax refunds granted (net of cancellations) decreased by $23.2 million, or 110.1 percent, compared to fiscal year 2024.
• Estimated corporate tax payments increased by $10.5 million, or 17.0 percent, compared to July 2023 (FY24).
• All other corporate tax payments, including tax returns, decreased by a total of $6.3 million

Fuel taxes: Fuel tax revenues for July increased by 8.2 million US dollars or 4.5 percent from July 2023, when fuel tax revenues totaled $183.1 million that month.

Motor vehicle – license plate and title fees: License plate and title fee revenue for this month increased by 3.6 million US dollars or 12.7 percent, while revenues from the Title ad Valorem Tax (TAVT) increased by 6.4 million US dollars or 8.7 percent compared to the previous financial year.