(The Center Square) — Georgia’s internet tax collections for March decreased by means of 3% from a 12 months in the past, new state income figures display.
While collections for the month surpassed $2.6 billion, the overall was once greater than $82.7 million not up to internet tax collections a 12 months in the past.
Despite the lower in March, the Peach State’s year-to-date internet tax collections exceeded $23.6 billion, an build up of four.8%, or just about $1.1 billion from final 12 months. In 2022, internet tax revenues totaled greater than $22.5 billion via 3 quarters of the state’s fiscal 12 months.
According to state officers, a part of the lower stems from particular person source of revenue tax collections, which decreased by means of 25.2%, or $400.1 million, to kind of $1.2 billion. Last 12 months, particular person source of revenue tax collections totaled just about $1.6 billion.
State officers additionally reported that specific source of revenue tax refunds larger by means of 121.9%, or $392.9 million, whilst particular person withholding bills larger by means of 6%, or $93.9 million, from final fiscal 12 months.
Concurrently, company source of revenue tax collections larger 142.9%, or $292.8 million, over final 12 months, totaling $497.7 million.
Additionally, product sales and use tax collections in March totaled greater than $1.3 billion, an build up of 6% or $76.5 million, over final 12 months. Meanwhile, internet gross sales and use tax collections larger by means of 3.8%, or kind of $24.2 million, from final March.
During the primary 3 quarters of the fiscal 12 months, motor gasoline tax collections totaled $271.9 million, down by means of 81.8% from the just about $1.5 billion accumulated at this level all over the final fiscal 12 months. Gov. Brian Kemp, a Republican, signed a sequence of measures to droop the state’s fuel tax assortment within the wake of upper inflation.
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