Georgia’s revenues in fiscal 2022 up 23% – more than $6B

(The Center Square) – Georgia’s increased net tax collections for fiscal year 2022 was 23%, or nearly $6.2 billion.

The Peach State reported more than $33 billion in total state general fund receipts for the fiscal year, which ended June 30, topping the nearly $26.9 billion collected in fiscal 2021.

In June, the Empire State of the South reported more than $2.8 billion in net tax collections. That represents an increase of 14.2%, or nearly $354.2 million, over June 2021, a month that saw net tax collections total $2.5 billion.

For the month, gross sales and use tax collections exceeded $1.4 billion, increasing by 13.3%, or nearly $171 million, over last June; net sales and use tax increased by 12%, or $77.6 million, from last year.

The sales tax distribution to local governments in June was $729.5 million, which is about $99.9 million more than last year. Sales tax refunds fell by roughly 46.7%, or $6.6 million, from June 2021.

State numbers show individual income tax collections of nearly $18.3 billion in fiscal 2022, up 28.6%, or more than $4 billion from last year. Corporate income taxes surpassed $2.5 billion, an increase of 43.4%, or $758.9 million from a year ago.

Unsurprisingly, motor fuel tax collections of $1.6 billion were down about 10.1%, or $179.6 million, from last fiscal year. The drop comes after Republican Gov. Brian Kemp signed legislation and executive orders to halt motor fuel tax collections amid rising prices.

In June, motor fuel tax collections dropped by about 99.5%, or roughly $56.8 million, from $57.1 million last June to $262,000 this year.

This article was published by The Center Square and is republished here with permission. Click here to view the original.

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Todd DeFeo loves to travel anywhere, anytime, taking pictures and notes. An award-winning reporter, Todd revels in the experience and the fact that every place has a story to tell. He is the owner of The DeFeo Groupe and also edits Express Telegraph and Railfanning.org.