Georgia December 2022 Tax Revenues Up Thanks to Corporate Tax

Georgia’s December 2022 tax revenues hit $3.21 billion, up $224.9 million and 7.5 percent higher than the same month in 2021 despite decreases in fuel tax and personal income tax revenues.

The report also marks the first six months of Fiscal Year 2023.

“Year-to-date, net tax collections totaled $15.82 billion, for an increase of $966.6 million, or 6.5 percent, over FY 2022 through six months,” the report from Governor Brian Kemp’s office states.

The December increase was powered primarily by net corporate income tax. The tax was up $442.4 million, reaching $848.8 million, more than double $406.4 million in December 2021.

Gross sales and use tax collections were $1.48 billion, and net sales and use tax was up 52.2 percent, $52.2 million higher than December 2021.

However, the fuel tax moratorium still in place in December led to a $173.1 million decrease in collections from December 2021, and net individual income tax totaled $1.44 billion, down $100.1 million. Motor vehicle tag and title fees were also down $2.7 million, 7.8 percent lower than the same month in 2021.

The same day Kemp’s office published the December report, Kemp also published his budget proposal, which increased estimations of FY2023 general fund receipts from $28.6 billion predicted a year ago to $30.6 billion.

If that expectation is met, it would be a decrease from FY 2022, which hit $34.9 billion in general fund receipts according to Kemp’s proposal. That strong performance helped generate a surplus of more than $6 billion that Kemp and legislators are preparing to spend.

In a letter to legislators, Kemp said that money is thanks to cost-cutting during the beginning of the COVID-19 pandemic and Georgia’s strong economy.

Georgia has weathered a time of tremendous uncertainty over the two last years, and yet, we have
emerged stronger than ever. Our economy has shown itself to be as resilient as our citizens,” Kemp wrote.

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Eric Burk is a reporter at The Georgia Star News and The Star News Network. Email tips to [email protected].
Photo “Georgia Capitol” by Autiger. CC BY-SA 2.0.


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