Warner Robins Today

In a recent financial report released by the Governor's office, Georgia's tax revenues for September was down by 3.2%, excluding the re-imposition of the Motor Fuel Excise Tax, shedding light on the state's economic status. This decline was compounded by increased tax return amounts and individual tax collections that totaled $1.39 billion, which is less than the $1.55 billion collected in fiscal year 2023.

According to a press release by the Governor's office, in September, Georgia's net tax collections reached nearly $3.3 billion, marking a 6.4% increase compared to the same month in 2022, primarily due to the reinstatement of the Motor Fuel Excise Tax, which contributed $199.8 million. However, when excluding the impact of Motor Fuel Tax and prior-year adjustments to local sales tax distribution, other net tax collections for September decreased by 3.2%, amounting to $97.8 million less than in September 2022.

The Governor's press release states that Georgia's Individual Income Tax collections amounted to $1.39 billion, reflecting a decrease of $163.4 million. This reduction stemmed from a significant increase in tax refunds issued, rising withholding payments, and a decline in estimated and return payments.

Georgia's Corporate Income Tax collections, according to the Governor's press release, witnessed a substantial increase of $83.6 million or 13.8% compared to the previous year, reaching a total of $603.9 million. This growth was attributed to notable rises in corporate tax return payments and other corporate tax payments.

The press release ends by stating that Georgia saw a significant increase in Motor Fuel Tax collections, totaling $199.8 million compared to the previous fiscal year when the state's Motor Fuel Excise Tax was suspended for the entire month under Governor Kemp's Executive Order. Additionally, Motor Vehicle Tag & Title Fee collections experienced a slight decrease of nearly $0.1 million (0.3%), while Title Ad Valorem Tax (TAVT) collections rose by $6.1 million (8.1%) compared to FY 2023.

On October 6th, Governor Brian P. Kemp released a press release stating that he would be extending a State of Emergency through an executive order due to persistent high inflation and uncertain economic conditions attributed to policies from Washington, D.C. This extension continued the suspension of Georgia's excise tax on motor and locomotive fuel, which will remain in effect until 11:59 p.m. on November 11, 2023.