February Net Tax Revenues Up 4.2%
The State of Georgia’s net tax collections for February totaled roughly $1.35 billion, for an increase of $54.9 million, or 4.2 percent, compared to February 2019, when net tax collections totaled $1.30 billion. Year-to-date, net tax collections totaled $15.56 billion, for an increase of $187.9 million, or 1.2 percent, compared to the previous fiscal year, when net tax revenues totaled $15.37 billion.
The changes within the following tax categories help to further explain February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $541.5 million, which was an increase of roughly $72.3 million, or 15.4 percent, compared to last year when Income Tax collections totaled $469.2 million.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) were down $5.9 million, or -1.1 percent
- Individual Withholding payments increased by $60.8 million, or 6.3 percent, compared to FY 2019
- Individual Income Tax Return payments were up $9.4 million, or 73.9 percent, over last year
- All other Individual Tax categories, including Estimated Tax payments, were down a combined $3.8 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $964.9 million during the month, for a decrease of $1.2 million, or -0.1 percent compared to FY 2019. Net Sales and Use Tax decreased by $8.8 million, or -1.8 percent, compared to February 2019, when net sales tax totaled $478.2 million. The adjusted Sales Tax distribution to local governments totaled $489.1 million, for an increase of nearly $5.8 million, or 1.2 percent, compared to the previous fiscal year. Lastly, Sales Tax Refunds increases by roughly $1.8 million, or 38.8 percent, compared to FY 2019.
Corporate Income Tax: Corporate Income Tax collections during the month totaled nearly $25 million, for an increase of $7.6 million, or 44.1 percent, compared to FY 2019.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voids) were down $0.1 million, or -0.8 percent
- Corporate Income Tax Return payments increased by $3.7 million, or 82.4 percent, over last year
- All other Corporate Tax types, including Corporate Estimated Tax payments, were up a combined $3.8 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $6.6 million, or 4.4 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees fell by nearly $3.5 million, or -8.6 percent, in February, while Title Ad Valorem Tax (TAVT) collections decreased by $19.1 million, or -23.6 percent, from last year’s total of $80.9 million.