Georgia’s state treasury experienced a robust influx of revenue in October 2024, with net tax collections approaching $2.71 billion. This marks a significant increase of $175.9 million, or 6.9 percent, compared to October of the previous fiscal year (FY2024), when net collections for the month totaled approximately $2.53 billion.

The positive trend extended to the year-to-date figures as well. For the fiscal year through October 2024, Georgia’s net tax revenue collections reached $10.88 billion. This represents an increase of $240.4 million, or 2.3 percent, over the comparable period in the previous fiscal year, which saw total collections of almost $10.64 billion.

Several key tax categories contributed to October’s overall revenue growth:

Individual Income Tax Drives Growth: Individual Income Tax collections were a primary driver of the increase, reaching nearly $1.34 billion – an increase of $78.7 million compared to last year. While income tax withholding payments saw a slight decrease of $7.9 million (-0.6 percent), and refunds issued grew by $10.2 million (4.2 percent), these were significantly offset by strong gains in other areas. Individual Income Tax Return payments surged by $82.8 million (45.7 percent), and Individual Income Tax Estimated payments rose by $9.1 million (28.8 percent). All other individual tax categories, including S-Corp payments, added a combined $4.9 million.

Strong Sales and Use Tax Performance: Consumer spending continued to power state revenue, with gross Sales and Use Tax collections in October totaling $1.6 billion – an increase of $89.8 million (5.9 percent) over the previous year. Net Sales and Use Tax increased by $46.1 million (6.2 percent), reaching $743.9 million. Local governments also benefited, receiving an adjusted Sales Tax distribution of $797.1 million, up $49 million (6.6 percent) from last year. Contributing to the net increase, Sales Tax refunds declined by $5.3 million.

Corporate Income Tax Sees Dip Amidst Fluctuations: Corporate Income Tax collections for October decreased by $8.5 million (-12.2 percent) compared to last year, when net corporate tax revenues totaled nearly $69.6 million. This net decrease was primarily due to a $30.9 million increase in corporate income tax refunds issued. However, Corporate Income Tax Estimated payments showed significant growth, increasing by $27.9 million (51.1 percent). All other corporate tax payments, including corporate return payments, were down a combined $5.5 million.

Motor Fuel Taxes and Vehicle Fees on the Rise: Other categories also demonstrated healthy growth. Motor Fuel Tax collections increased by $14.2 million (8 percent), reaching $177.9 million for the month. Likewise, Motor Vehicle Tag & Title Fee collections saw a substantial rise of roughly $8.6 million (26.6 percent). Title Ad Valorem Tax (TAVT) collections also increased by nearly $7.9 million (11.8 percent) compared to the previous October, indicating strong activity in vehicle sales and registrations.

The robust October tax collections underscore a period of sustained economic activity in Georgia, providing the state with additional resources as it progresses through the current fiscal year.