Georgia announces August net tax revenues up 12.7 percent
Year to date, net tax revenue collections totaled $4.28 billion, for an increase of $248.7 million, or 6.2 percent, compared to FY 2021 after two months.
The changes within the following tax categories account for August’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month approached $1.11 billion, up from $970.3 million in August 2020, for an increase of roughly $134.8 million, or 13.9 percent.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $8.3 million, or decreased 8.6 percent.
• Individual Income Tax Withholding payments were up by $121.8 million, or increased 12.6 percent, over FY 2021.
• Individual Income Tax Return payments were down by $12.2 million, or decreased 34 percent, from last year.
• All other Individual Tax categories, including non resident return payments, were up a combined $16.9 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by $180.8 million, or 15.9 percent, up from a total of nearly $1.14 billion in FY 2021. Net Sales and Use Tax, which totaled $663.1 million for the month, increased by $69.4 million, or 11.7 percent, compared to August 2020. The adjusted sales tax distribution to local governments totaled $648 million, for an increase of roughly $112.8 million, or 21.1 percent, compared to FY 2021. Lastly, Sales Tax refunds were down by $1.4 million, or decreased 15.4 percent, from last year.
Corporate Income Tax: Corporate Income Tax collections totaled $2.1 million for a decrease of $9.2 million, or down 81.3 percent, compared to August FY 2021.
The following notable components within Corporate Income Tax make up the net decrease:
• Corporate Tax refunds issued (net of voided checks) increased by $19.1 million, or 134.7 percent, over FY 2021.
• Corporate Income Tax Estimated payments increased by $12.4 million, or 112.1 percent, over last year.
• All other Corporate Tax categories, including Corporate Return payments, were down a combined $2.5 million.
Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $19.2 million, or 12.6 percent, compared to August 2020 when Motor Fuel Tax collections totaled $152.2 million.
Motor Vehicle Tag and Title Fees: Motor Vehicle Tag & Title Fee collections in August increased by $3.6 million, or 11.7 percent, compared to last year, while Title ad Valorem Tax (TAVT) collections totaled nearly $69.1 million, for an increase of $8.4 million, or 13.8 percent, compared to FY 2021. ■