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.
March Net Tax Revenues Up 9.8%
The State of Georgia’s net tax collections for March totaled $1.83 billion, for an increase of $163.5 million, or 9.8 percent, compared to March 2019, when net tax collections totaled roughly $1.67 billion. Year-to-date, net tax collections totaled $17.39 billion, for an increase of $350.8 million, or 2.1 percent, compared to the previous fiscal year, when net tax revenues totaled $17.04 billion.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $971.4 million, which was an increase of roughly $197.5 million, or 25.5 percent, compared to last year when Income Tax collections totaled nearly $774 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 $115.8 million, or -21.7 percent
- Individual Withholding payments increased by $82.6 million, or 7.5 percent, compared to FY 2019
- Individual Income Tax Return payments were up $10.5 million, or 18.3 percent, over last year
- All other Individual Tax categories, including Estimated Tax payments, were down a combined $11.4 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $936 million during the month, for a decrease of $10.5 million, or -1.1 percent compared to FY 2019. Net Sales and Use Tax decreased by $11.4 million, or -2.4 percent, compared to last year, when net sales tax totaled $468.5 million. The adjusted Sales Tax distribution to local governments totaled $467.8 million, for a decrease of nearly $6.1 million, or -1.3 percent, compared to the previous fiscal year. Lastly, Sales Tax Refunds rose by $7 million, or 167 percent, compared to FY 2019.
Corporate Income Tax: Corporate Income Tax collections during the month totaled almost $110.1 million, for an increase of roughly $0.9 million, or 0.8 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 up $21.1 million, or 138.2 percent
- Corporate Income Tax Return payments increased roughly $15 million, or 43 percent, over last year
- All other Corporate Tax types, including Corporate Estimated Tax payments, were up a combined $7 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $5.8 million, or 4.1 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees fell by nearly $2.5 million, or -6.9 percent, in March, while Title Ad Valorem Tax (TAVT) collections decreased by $14.6 million, or -22.9 percent, from last year’s total of $63.8 million.