
Georgia Governor Brian Kemp announced that the state’s net tax collections for May reached $2.69 billion, marking a 9.1% increase ($224 million) compared to May of last year. This surge was partly fueled by an extension granted for tax filings following a recent hurricane, enabling more taxpayers to meet the May 1st deadline. The year-to-date tax revenue for Georgia now stands at $30.46 billion, a $536.2 million increase, primarily attributed to the motor fuel excise tax, which was temporarily suspended earlier in the year. Breaking down the revenue streams, Individual Income Taxes reached approximately $1.33 billion, an 8.3% increase compared to last year, propelled by higher return payments. Sales and Use Taxes also demonstrated strong growth, rising by 4.9% to a total of around $1.6 billion. Notably, Corporate Income Tax collections experienced a dramatic surge, growing by 70.8% to $121.2 million. Modest increases were also observed in Motor Fuel Taxes and Motor Vehicle fees. “These figures paint a clear picture of a strong and resilient Georgia economy,” stated Governor Kemp in a press release. “The increase in tax revenue is a testament to our pro-business policies and the hard work of Georgians across the state. We will continue to be fiscally responsible and invest in the priorities that matter most to our citizens.” The strong revenue performance in May provides a solid foundation for the state’s budget and future economic growth.