Georgia’s year-over-year tax revenues soar 8.7% in February

ATLANTA (WRDW/WAGT) - The state saw a year-over-year revenue increase of hundreds of millions of dollars, officials said Friday.

Georgia’s net tax collections for February totaled over $2.12 billion, for an increase of $169.3 million, or 8.7 percent, compared to February 2022, when net tax collections totaled roughly $1.95 billion.

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Year-to-date, net tax collections totaled nearly $20.93 billion, for an increase of nearly $1.17 billion, or 5.9 percent, over FY 2022.

Changes within the following tax categories further illustrate February’s overall net tax revenue increase:

• Individual income tax: Collections totaled roughly $1.08 billion, for an increase of $91.4 million, or 9.2 percent, compared to last year when Individual Tax collections totaled $992.4 million.
• Sales and use tax: Collections totaled $1.37 billion in February, for an increase of $128.1 million, or 10.3 percent, compared to February 2022. Net sales and use tax increased by $65.2 million, or 10.6 percent, compared to FY 2022, when net sales tax totaled $615.5 million.
• Corporate income tax: Corporate Income Tax collections for the month totaled $48.2 million, which was an increase of $38.2 million, or 382.5 percent, compared to February 2022.
• Car tag and title fees: Motor Vehicle Tag & Title Fees increased by $3.4 million, or 8.7 percent, for the month, while title ad valorem tax collections increased by $9 million, or 14.7 percent, from last year’s total of roughly $61.5 million

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