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Published on December 13, 2024
Georgia's Tax Revenues See Slight Uptick in November Despite Year-to-Date DeclineSource: Google Street View

Georgia's November tax revenue collections increased by 2.3%, totaling approximately $2.38 billion, up by $52.9 million compared to the same month last year. However, for the year-to-date period, there has been a slight decrease of 0.1% in overall tax revenue, totaling nearly $13.02 billion, which is down by $8.3 million from November 2023, according to the Office of the Governor.

Hurricane tax extensions and last year's suspension of the motor fuel tax have led to lower tax collections in November. The Department of Revenue also pushed back income tax deadlines to May 1, 2025, which may be why withholding payments were down 8.9% compared to last year, as reported by the Office of the Governor.

In November 2024, Georgia's tax collections showed mixed results. Individual Income Tax revenues fell by 8.3%, while Individual Income Estimated Tax payments rose by 21.5%. Corporate Income Tax collections dropped by 30.6%, contributing to a $12.9 million shortfall. However, Motor Fuel Tax revenues increased following the lifting of Governor Kemp's suspension. Sales and Use Tax collections were up by 6.5%, totaling $1.60 billion, with net Sales Tax increasing by 5.9%. Motor Vehicle Tag & Title Fee collections remained stable, while Title ad Valorem Tax saw a 2.8% increase, as stated by the Office of the Governor.