Georgia’s Tax Revenue Sees a Slight Dip in January Despite Year-to-Date Gains
The state of Georgia experienced a small decline in tax revenue for the month of January, with collections dropping by over $18 million compared to the same month last year. January’s total revenue stood at $3.03 billion, a slight decrease from the $3.05 billion collected in January of the previous year.
Despite this monthly dip, Georgia’s year-to-date net tax revenue tells a more positive story. Since the beginning of the fiscal year in July, the state has amassed nearly $20 billion, showing an increase of approximately $350 million over the same period last year.
Breaking down the figures further, individual income tax collections in January saw a nearly 2% reduction. More significantly, corporate income tax collections plummeted by over 20% for the month. On the other hand, net sales and use tax collections provided a positive note, with a 4% increase compared to January of the previous year.
