Georgia tax revenues in October down 3.4%

Georgia’s net tax collections during October surpassed $2.5 billion, decreasing 3.4% or $89.7 million from last year’s more than $2.6 billion.

So far this fiscal year, net tax revenue collections totaled more than $10.6 billion, a decrease of 0.6%, or $61.1 million, compared to October 2023, when net tax collections totaled $10.7 billion.

Officials said the 2023 motor fuel tax suspension affected year-to-year comparisons. Net of motor fuel tax changes, revenues for October were down 7.7% from the same month a year ago, while year-to-date collections were down 1.9%.

Net collections for October were also affected by the hurricane-related income tax filing and payment deadline extensions announced on Oct. 3. Return and payment deadlines for individual and corporate income taxes from that date through April 2025 were extended to May 1, 2025, likely reducing collections of individual and corporate income taxes except for payroll withholding collections.