Department of Revenue Automatically Extending 2019 Filing Deadline
The Georgia Department of Revenue is automatically extending the 2019 income tax filing and payment deadline to July 15, 2020. Vehicle registrations that expire between March 16, 2020 and May 14, 2020 are being extended through May 15, 2020.
Kemp: October Net Tax Revenues Down 1.6%
The State of Georgia’s net tax collections in October totaled $1.98 billion, for a decrease of $32.3 million, or -1.6 percent, compared to last year when net tax collections totaled roughly $2.01 billion. Year-to-date, net tax revenue collections totaled $7.81 billion, for a decrease of $11.2 million, or -0.1 percent, compared to October FY 2019.
The changes within the following tax categories account for October’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections for October increased by $1.2 million, or 0.1 percent, up from last year when net Individual Tax revenues totaled just over $1.05 billion.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) increased by $17 million or 11.1 percent
- Individual Withholding payments declined by $52.6 million, or -5.1 percent, compared to last year
- Individual Income Tax Return payments were up $51.7 million, or 43.7 percent, over last year
- All other Individual Tax categories, including Non-Resident Tax payments, were up a combined $19.1 million
Sales and Use Tax: Gross Sales and Use Tax collections increased by nearly $62.2 million, or 6.3 percent, from last year’s total of $994.3 million. Net Sales and Use Tax decreased by $2.2 million, or -0.4 percent, compared to FY 2019, when net Sales Tax revenue totaled $525.1 million. The adjusted Sales Tax distribution to local governments totaled $528.1 million, for an increase of roughly $64.8 million, or 14 percent, over the previous fiscal year. Lastly, Sales Tax refunds fell by roughly $0.4 million, or -7.6 percent, compared to October 2018.
Corporate Income Tax: Net Corporate Income Tax collections increased by $11.3 million, or 18 percent, compared to October 2018, when net Corporate Tax revenues totaled roughly $62.4 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Tax refunds issued (net of voided checks) increased by $13.8 million or 121.6 percent
- Corporate Income Tax Estimated payments were up $15.7 million, or 68.7 percent, over FY 2019
- Corporate Income Tax Return payments increased by $7.8 million, or 20.8 percent, over last year
- All other Corporate Tax payments, including S-Corp payments, combined for an increase of $1.6 million
Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by nearly $0.7 million, or 0.5 percent, up from a total of $150.2 million in FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $2.3 million, or 7.2 percent, compared to October 2018 when Motor Vehicle fees totaled nearly $32.7 million. Title ad Valorem Tax (TAVT) collections, however, decreased by $19.1 million, or -25.7 percent, compared to last year’s total of $74.4 million.