January Net Tax Revenues Up 4.5%
The State of Georgia’s net tax collections for January totaled nearly $2.36 billion, for an increase of $100.8 million, or 4.5 percent, compared to January 2019, when net tax collections totaled $2.25 billion. Year-to-date net tax collections totaled roughly $14.21 billion, for an increase of $133 million, or 0.9 percent, compared to the previous fiscal year, when net tax revenues totaled $14.07 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 $56 million, or 4.3 percent, compared to last year when Income Tax collections totaled $1.3 billion.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) were up $18.5 million, or 34.1 percent
- Individual Withholding payments for the month increased by $43.8 million, or 4.2 percent
- Individual Income Tax Return payments were up $12.3 million, or 91.7 percent, over FY 2019
- All other Individual Tax categories, including Estimated Tax payments, were up a combined $18.4 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.24 billion, an increase of $56.5 million, or 4.8 percent, over January 2019. Net Sales and Use Tax increased by $27.7 million, or 4.6 percent, compared to last year, when net sales tax totaled $599 million. The adjusted Sales Tax distribution to local governments totaled roughly $607.8 million, for an increase of $26.3 million, or 4.5 percent, over the previous year. Lastly, Sales Tax Refunds increased by nearly $2.5 million, or 43.2 percent, compared to FY 2019.
Corporate Income Tax: Corporate Income Tax collections totaled $50.1 million, which was an increase of $11 million, or 28.2 percent, over last year, when Corporate Tax collections totaled approximately $39.1 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voids) were up $15.1 million, or 114.1 percent
- Corporate Income Tax Return payments for the month increased by $23.6 million, or 174.6 percent
- All other Corporate Tax types, including Corporate Estimated payments, were up a combined $2.5 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $9.2 million, or 6.3 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $6.5 million, or 19.1 percent, during the month, whereas Title Ad Valorem Tax (TAVT) collections declined by $13.4 million, or -20.1 percent, from last year’s total of $66.9 million.