State’s December Net Tax Revenues Up 7%
The state of Georgia’s net tax collections in December totaled $2.40 billion, for an increase of $171.4 million, or 7.7%, compared to December 2019 when net tax collections totaled almost $2.23 billion. A news release issued January 8 by Governor Brian Kemp’s office revealed that year-to-date, net tax revenue collections totaled $12.57 billion, for an increase of $722.5 million, or 6.1 percent, compared to FY 2020.
The changes within the following tax categories account for December’s overall net tax revenue increase:
Individual Income Tax:
Individual income tax collections for December increased by $83.4 million, or 7.2%, compared to December 2019 when net individual tax revenues approached $1.16 billion.
The following notable components within Individual Income tax combine for the net increase. Individual income tax refunds issued (net of voided checks) decreased by $11.4 million or -17.3%. Individual withholding payments increased by $76.4 million, or 6.9% compared to last year. Individual income tax estimated return payments were down $3.3 million or -7.1%. All other individual tax categories, including individual return payments, were down a combined $1.1 million.
Sales and Use Tax:
Gross sales and use tax collections totaled nearly $1.13 billion, for an increase of $73 million, or 6.9%, over last year’s total of roughly $1.06 billion. Net sales and use tax for the month increased by roughly $48.3 million, or 9.2%, compared to last year, when net sales tax revenue totaled $526.3 million. The adjusted sales tax distribution to local governments totaled $549.5 million, for an increase of $25.4 million, or 4.8%, over FY 2020. Lastly, sales tax refunds fell by $0.6 million, or -11.1% compared to December 2019.
Corporate Income Tax:
Net corporate income tax collections increased by $34.4 million, or 13.9% compared to FY 2020 when net corporate tax revenues totaled $246.5 million in December. The following notable components within corporate income tax make up the net increase. Corporate tax refunds issued (net of voided checks) decreased by $5 million or -17.4%. Corporate income tax estimated return payments were up $20.8 million, or 9.3% over last year. All other corporate tax payments, including corporate return payments, were up a combined $8.6 million.
Motor Fuel Taxes:
Motor fuel tax collections for the month increased by $1.2 million, or 0.8%, from last year’s December total of $147.9 million.
Motor Vehicle – Tag & Title Fees:
Motor vehicle tag & title fee collections for the month were up $7 million, or 27.6% compared to FY 2020 when motor vehicle fees totaled $25.3 million. Lastly, title ad valorem tax (TAVT) collections increased by $3.6 million, or 7.6% compared to last year’s total of $47.6 million.