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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.