The Georgia Department of Revenue says that tax collections were down for the month of March, around 3% off from the 2022 collections. The state agency brought in $2.68 billion in taxes in March, down about $83 million from March 2022.
Despite the slight decrease, net tax collections are still up for fiscal 2023. So far this fiscal year, Georgia has collected $23.61 billion, just over $1 billion— or 4.8% —more than the same period last year. The decrease in March tax revenues appears to be driven mostly by a drop in individual income tax collections.
Revenues from the state tax on gasoline and other motor fuels increased only slightly over last March, by just 0.9% or $1.4 million, to a total of $157 million this month.
Economists are predicting that state tax revenues will likely drop sharply this year because last year’s huge increase in capital gains tax payments is unlikely to be repeated.
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