Department of Revenue Automatically Extending 2019 Filing Deadline
The Georgia Department of Revenue is automatically extending income tax filing and payment deadlines to July 15, 2020. Vehicle registrations that expire between March 16, 2020 and June 14, 2020 are being extended through June 15, 2020.
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.