Georgia tax revenues rise in July driven by sales tax

Georgia reported a 3.1% increase in net tax collections for July, totaling $2.57 billion. This growth was primarily driven by a 10% year-over-year rise in sales and use tax receipts, which reached $875.3 million. The increase in sales tax helped offset a 2.1% decline in individual income tax collections, which fell by $27.1 million compared to the previous year.

Corporate income tax revenue saw significant growth, rising 34.3% to bolster the state's total collections. Conversely, motor fuel tax collections experienced a year-over-year decrease of $10.6 million in July, following a period of tax suspension intended to mitigate rising fuel prices.

Earlier data from March also indicated upward trends in state revenue, with net tax collections rising 4.8% to $2.62 billion. During that period, corporate income tax and sales tax also showed notable increases, contributing to a year-to-date revenue total of $24.5 billion through the first three quarters.