Despite Recession Fears, Georgia Tax Revenues Continue To Increase

By T.A. DeFeo | The Center Square contributor, The Center Square Georgia

October 9, 2022

(The Center Square) — Georgia continues to see its revenues increase amid ongoing economic concerns nationwide.

State officials said Friday that the Peach State’s September net tax collections totaled nearly $3.1 billion. That represents an increase of 9.9% over a year ago.

September’s collections were $279.2 million more than September 2021. Fiscal 2023 collections of roughly $7.62 billion are 7.2% or $513.8 million higher than at the same point in fiscal 2022.

Individual income tax collections for September exceeded $1.5 billion, an increase of 9.2% or $130.2 million over last September when individual income tax revenues exceeded $1.4 billion.

Gross sales and use tax collections increased 14.3% or $184.9 million to more than $1.4 billion. Net sales and use tax increased by 14.6% or $95.4 million to $749.2 million.

In a sign that travel is returning, Georgia saw its hotel and motel fees increase by 9.7% in September, increasing $1.4 million to more than $16.1 million. In fiscal 2023, hotel and motel fees have increased by 9.4% over the same point in fiscal 2022.

Unsurprisingly, motor fuel tax collections are down by nearly $180.8 million from a year ago. This week, Gov. Brian Kemp, a Republican, signed an extension of the suspension of the state’s collection of taxes on motor and locomotive fuel.

The suspension is effective through Nov. 11, shortly after the election.

The focus of the work of The Center Square Georgia is state and local-level government and economic reporting that approaches stories with a taxpayer sensibility.