Macon, GA – According to the state officials, year-to-date, net tax collections totaled roughly $18.81 billion for an increase of almost $1 billion, or 5.6 percent, compared to FY 2022 when revenues totaled $17.81 billion at the end of January 2022.
The changes within the following tax categories help further explain January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections decreased by a total of roughly $70.1 million, or -4 percent, compared to last year when Individual Tax collections totaled $1.74 billion.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) increased by $98.4 million, or 198.4 percent
• Individual Withholding payments increased by $92.9 million, or 7.4 percent, over January 2022
• Individual Income Tax Estimated payments were down $26.2 million, or -7.6 percent, from FY 2022
• All other Individual Tax categories, including Non-Resident Tax payments, were down a combined $38.4 million
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.73 billion, for an increase of $167.7 million, or 10.8 percent, over FY 2022. Net Sales and Use Tax increased by $78.4 million, or 9.9 percent, over last year, when net sales tax totaled $790.7 million. The adjusted Sales Tax distribution to local governments totaled $847.5 million, for an increase of $81.5 million, or 10.6 percent, compared to last year. Lastly, Sales Tax refunds increased by $7.8 million, or 353.3 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections totaled $254.2 million in January for an increase of $178.3 million, or 234.9 percent, over last year when Corporate Tax collections totaled $75.9 million for the month.