Macon, GA – According to the state officials, 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: 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.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $10.2 million or -3.3 percent
• Individual Withholding payments increased by $96.8 million, or 8.1 percent, over the previous fiscal year
• Individual Income Tax Return payments were up $10.4 million, or 31.3 percent, over February 2022
• All other Individual Tax categories, including Non-Resident payments, were down a combined $26 million