Georgia continues to report tax collections lower than a year ago, with May’s collections down by more than 1 percent as the state heads toward the end of the fiscal year, new numbers reveal.
Georgia officials said the state’s net tax collections in May surpassed $2.4 billion. However, that is a decrease of 1.1 percent or $26.3 million compared to last May, when net tax collections approached $2.5 billion.
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A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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Georgia reported decreased monthly tax collections for the fourth consecutive month.
Georgia’s net tax collections of more than $2.8 billion in June decreased 0.4 percent, or $10.9 million, compared to a year ago. The Peach State reported decreased tax collections in March, April and May.
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Georgia officials reported net tax collections for April decreased by 16.5% over a year ago.
The Peach State’s April net tax collections approached $4.2 billion, a decrease of $829.5 million compared to April 2022, when net tax collections surpassed $5 billion. Despite the drop, year-to-date net tax collections of nearly $27.8 billion are up 0.9%, or $256.9 million, compared to last fiscal year.
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Georgia reported its February net tax collections surpassed $2.1 billion, an increase of 8.7%, or $169.3 million, compared to last February.
The state reported more than $1.9 billion in net tax collections a year ago. So far this fiscal year, the state’s net tax collections surpassed $20.9 billion, an increase of 5.9%, or roughly $1.2 billion, over fiscal 2022.
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Georgia saw its May tax revenues increase by 1.6% from a year ago as tax collections approached $2.7 billion for the month.
This fiscal year, state general fund receipts exceeded $30.2 billion. That represents a 23.9%, or more than $5.8 billion, increase over collections last fiscal year, which exceeded $24.3 billion at the same point.
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