In July, Georgia’s tax collections began the fiscal year 2025 on a positive note, bringing in over $2.5 billion. This is a 2.7% increase, or $66.3 million more, compared to July 2023.
While individual income tax collections slightly decreased by 0.4% (about $5.2 million), sales and use tax collections rose by 4.5%, adding $68.3 million. Net sales and use taxes increased by 4.8%, bringing in an additional $36.8 million.
Corporate income tax collections saw a significant jump, increasing by 28.4%, or $27.4 million, from July 2023. Motor fuel tax collections also went up by 4.5%, adding $8.2 million compared to the same month last year.
In June, the final month of fiscal 2024, Georgia’s net tax collections grew by 6.5% from the previous June. However, for the entire fiscal year 2024, total net tax revenue slightly decreased by 0.5%, or $182.2 million, compared to fiscal 2023.
Despite these fluctuations, Georgia’s Revenue Shortfall Reserve remains full at $5.4 billion, with overall reserves expected to reach $11.6 billion in fiscal 2025.