(The Center Square) — Georgia’s February net tax collections decreased by 4.3% or $92.3 million from a year ago, but year-to-date collections remain above last year thanks to the state reinstating the gas tax.
According to a news release, monthly collections totaled more than $2 billion, and year-to-date net tax revenue surpassed $21.1 billion, a 1.1% or $223.4 million increase from fiscal 2023.
State officials said the increase was mainly due to the collection of the state’s motor fuel excise tax, suspended for months last year. Aside from the motor fuel tax changes, revenues for the eight months ending February 29 were down 3.1% from last year.
“Through eight months of FY 2024, Georgia’s tax revenue collections remain on pace to exceed estimates and to give state leaders confidence in the state’s ability to finance the costs of the recently enacted AFY 2024 budget,” Georgia Budget and Policy Institute Senior Fiscal Analyst Danny Kanso said in a statement to The Center Square. “Going forward, our leaders can make greater use of the unprecedented undesignated reserves that are likely to remain unspent and available to be deployed for priorities strongly supported by most Georgians, such as replacing aging school buses and improving access to affordable child care statewide.”
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According to a news release, monthly collections totaled more than $2 billion, and year-to-date net tax revenue surpassed $21.1 billion, a 1.1% or $223.4 million increase from fiscal 2023.
State officials said the increase was mainly due to the collection of the state’s motor fuel excise tax, suspended for months last year. Aside from the motor fuel tax changes, revenues for the eight months ending February 29 were down 3.1% from last year.
“Through eight months of FY 2024, Georgia’s tax revenue collections remain on pace to exceed estimates and to give state leaders confidence in the state’s ability to finance the costs of the recently enacted AFY 2024 budget,” Georgia Budget and Policy Institute Senior Fiscal Analyst Danny Kanso said in a statement to The Center Square. “Going forward, our leaders can make greater use of the unprecedented undesignated reserves that are likely to remain unspent and available to be deployed for priorities strongly supported by most Georgians, such as replacing aging school buses and improving access to affordable child care statewide.”
Read the full article by The Center Square
The post Georgia’s net tax collections decreased in February appeared first on Georgia Budget and Policy Institute.