State tax revenues fall again

Georgia’s tax revenue continued its downward spiral last month, falling 5.4% from April of last year, the state Department of Revenue reported Friday.

The broader picture for the first 10 months of fiscal 2024 was similar. Even though net tax revenues fell only 1.2% between last July and the end of April, that doesn’t reflect the reality that the state hasn’t collected sales taxes on gasoline and other fuels during the first half of the last financial year.

Not including the fuel taxes the state has imposed so far in fiscal 2024, tax revenue for the first 10 months of the fiscal year was down 4.6%.

Personal income taxes fell in April by 8% compared to the same month last year, with tax refunds increasing by 31.4% while payments decreased by 11.5%. Net sales tax revenue also fell 3%.

Corporate tax revenues, usually volatile, remained almost stable last month, increasing by 0.5%.

With tax revenues down $341.3 million for fiscal year 2024 and just two months left in the fiscal year, it seems likely the state will post declining revenues as the year ends on the 30th. June.

Gov. Brian Kemp warned this week, after signing a robust $36.1 billion budget for fiscal 2025, that times could be tougher as he and the General Assembly craft the state’s spending plan. next year.

This story comes to Rough Draft via a media partnership with Capitol Beat.