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.
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.