The State of Georgia’s net tax collections for January totaled $2.53 billion, for an increase of $175.6 million, or 7.5 percent, compared to January 2020, when net tax collections approached $2.36 billion.  Year-to-date net tax collections totaled $15.10 billion, for an increase of $898.1 million, or 6.3 percent, compared to the previous fiscal year, when net tax revenues totaled almost $14.21 billion.

The changes within the following tax categories help further explain January’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections increased by a total of $85.7 million, or 6.3 percent, compared to last year when Income Tax collections totaled $1.35 billion.

The following notable components within Individual Income Tax combine for the net increase:

  • Individual Income Tax refunds issued (net of voided checks) declined by $29.7 million, or -40.8 percent
  • Individual Withholding payments for the month increased by $8.9 million, or 0.8 percent
  • Individual Income Tax Estimated payments were up $25.6 million, or 11 percent, over FY 2020
  • All other Individual Tax categories, including Tax Return payments, were up a combined $21.5 million

Sales and Use Tax:  Gross Sales and Use Tax collections for the month totaled $1.35 billion, for an increase of $108.9 million, or 8.8 percent, over January 2020.  Net Sales and Use Tax increased by $63.8 million, or 10.2 percent, over FY 2020 when net sales tax totaled $626.7 million.  The adjusted Sales Tax distribution to local governments totaled $657.4 million, for an increase of $49.5 million, or 8.1 percent, compared to the previous year.  Lastly, Sales Tax refunds decreased by nearly $4.4 million, or -54.1 percent, compared to FY 2020.

Corporate Income Tax:  Corporate Income Tax collections during the month totaled $75.7 million for an increase of $25.6 million, or 51.2 percent, over FY 2020 when Corporate Tax collections totaled $50.1 million.

The following notable components within Corporate Income Tax make up the net increase:

  • Corporate Income Tax refunds issued (net of voids) were down $17 million, or -60.1 percent
  • Corporate Income Tax Estimated payments for the month increased by $16 million, or 45.1 percent
  • All other Corporate Tax types, including Tax Return payments, were down a combined $7.4 million  

Motor Fuel Taxes:  Motor Fuel Tax collections increased by $2 million, or 1.3 percent, compared to FY 2020.

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fees in January decreased by $8.7 million, or -21.6 percent, whereas Title Ad Valorem Tax (TAVT) collections increased by $5.4 million, or 10.1 percent, compared to last year’s total of $53.5 million.

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