By T.A. DeFeo | The Center Square contributor
(The Center Square) — Georgia officials reported increased tax collections in November, a month after reporting a 3.1% decrease in total General Fund receipts.
Net tax collections for the month surpassed $2.3 billion, an increase of 1.5%, or $33.7 million, over a year ago, when net tax collections exceeded $2.2 billion. According to state officials, this fiscal year’s net tax revenues total more than $13 billion, an increase of 3.3%, or $412.1 million, over last year.
State officials said the increase was primarily driven by state motor fuel tax collections, which the governor suspended during much of the same time in 2022. Aside from motor fuel tax collections, revenues for the five months through the end of November were down 1.7% from last year.
Last week, as part of the special session to redraw the state’s legislative maps, lawmakers passed House Resolution 3EX, which ratified Georgia Republican Gov. Brian Kemp’s executive orders to suspend gas tax collections.
“As hard-working Georgians and their families continue to weather a 40-year high inflation and continue to face uncertain economic headwinds, the governor’s actions delivered direct and real relief to Georgians at the pump and to their family’s budget,” state Sen. Bo Hatchett, R-Cornelia, said last week before the bill’s passage. “It’s roughly saved Georgians approximately $200 million a month.
“This is a good bill for your people back home,” Hatchett added. “It’s a huge tax cut and is helping Georgians throughout the state of Georgia deal with inflation.”
Additionally, November’s gross sales and use tax collections topped $1.5 billion, an increase of 1.7%, or $25.4 million, over last year. Meanwhile, net sales and use tax collections increased 1.5%, or $11 million, from last year’s $735.9 million.
Separately, a nonprofit group said states, including Georgia, should start preparing for economic uncertainty.
