Georgia’s May tax revenues fall -10.1%
Year-to-date net tax collections totaled $20.81 billion for a decrease of roughly $857.9 million, or -4 percent, compared to the previous fiscal year when net tax revenues totaled nearly $21.67 billion.
Individual Income Tax: Individual Income Tax collections for May declined by nearly $30 million, or -3.4 percent, down from May 2019 when net Individual Tax revenues totaled roughly $887.1 million.
Individual Income Tax refunds issued - net of voided checks - decreased by $0.9 million, or -0.6 percent. Individual Income Tax Return payments decreased by roughly $25 million, or -38 percent, from last year. Individual Withholding payments for the month were up $13.1 million, or 1.4 percent, over last year. All other categories, including Non-Resident Income Tax payments, were down a combined $19 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled $906.5 million for the month, which was a decrease of roughly $138.7 million, or -13.3 percent, compared to May 2019. Net Sales and Use Tax declined by $58.4 million, or -11.5 percent, compared to last year when net sales tax totaled $508.3 million.
The adjusted Sales Tax distribution to local governments totaled $449.6 million for a decrease of $80.7 million, or -15.2 percent, from May 2019. Lastly, Sales Tax Refunds increased by nearly $0.4 million compared to FY 2019.
Corporate Income Tax: Net Corporate Income Tax collections decreased by nearly $16.9 million, or -40.8 percent, compared to FY 2019 when net Corporate Tax revenues totaled $41.3 million. Corporate Income Tax refunds - net of voids - decreased by $6.8 million, or -71 percent, from last year.
Corporate Income Tax Estimated payments received were up nearly $4.6 million, or 26.5 percent. Corporate Income Tax Return payments decreased by nearly $22.7 million or -90.4 percent. All other Corporate Tax types, including S-Corp tax payments, were down a combined $5.6 million.
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $39.2 million, or -25.7 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $3.8 million, or 15.7 percent, in May while Title Ad Valorem Tax (TAVT) collections declined by $44.3 million, or -57.5 percent, compared to FY 2019. ■