Georgia’s tax income jumped to $2.56 billion in July, thanks to higher sales, excise, and corporate taxes. However, payroll taxes and taxes on cars went down.
Georgia Sees 2.7% Increase in July Tax Revenue, Driven by Sales and Corporate Tax Gains
Mamey says that the office of Georgia Governor Brian Kemp reported that the state’s tax revenue rose a lot in July, hitting $2.56 billion. With an extra $66.3 million, this is a 2.7% rise from the same month last year. This boost came from more money coming in from sales, income, and fuel taxes. The total amount of sales and income taxes that went up was 4.5%, or $1.6 billion. Corporate taxes also went up by 28.4%, or $123.9 million. The tax on fuel went up 4.5% to $183.1 million.
There was also increase in other areas of income. The fees for registering a car and other related paperwork went up by 12.7%. The amount of income tax paid went up by 23.3%, or $3.9 million. There were, however, some drops as well. Withholding tax on wages went down by 1%, or $12.7 million, and tax returns for businesses went down by 110.1%, or $23.2 million. Car ad valorem taxes also went down by 8.7%, or $6.4 million.
Georgia Tax Revenue Report: July Shows Growth in Sales and Corporate Taxes, but Declines in Payroll and Car Taxes
Overall, Georgia’s tax income report for July shows a good trend, with sales, corporate, and fuel taxes all going up. Still, payroll taxes, tax returns for businesses, and taxes on cars are all going down.