Gov. Brian Kemp announced today that Georgia’s August net tax collections totaled nearly $1.89 billion, for an increase of $134.5 million, or 7.7 percent, compared to August 2019, when net tax collections totaled roughly $1.75 billion.  Year-to-date, net tax revenue collections totaled $4.03 billion after two months, for an increase of $446.3 million, or 12.4 percent, compared to the end of August last year (FY 2020).

The changes within the following tax categories account for August’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections during the month totaled roughly $970.3 million, up from $880.1 million in August FY 2020, for an increase of roughly $90.2 million, or 10.3 percent.

The following notable components within Individual Income Tax combine for the net increase: 

  • Individual Income Tax refunds issued (net of voided checks) were up $26.7 million, or 38.2 percent
  • Individual Income Tax Withholding payments increased by $88.7 million, or 10.1 percent, over FY ‘20
  • Individual Income Tax Return payments increased by roughly $19.2 million, or 115.9 percent, over last year
  • All other Individual Tax categories, including Estimated Tax payments, were up a combined $9 million

Sales and Use Tax:  Gross Sales and Use Tax collections for August increased by $60.1 million, or 5.6 percent, from a total of nearly $1.08 billion in FY 2020.  Net Sales and Use Tax, which totaled roughly $593.6 million for the month, an increase of $58.1 million, or 10.8 percent, compared to last year.  The adjusted Sales Tax distribution to local governments totaled nearly $535.2 million, for a decrease of $2.2 million, or -0.4 percent, compared to August 2019.  Lastly, Sales Tax refunds increased by roughly $4.1 million, or 79.2 percent, over last year.

Corporate Income Tax:  Corporate Income Tax collections increased by nearly $6.1 million, or 115.9 percent, from a total of roughly $5.3 million in August 2019. 

The following notable components within Corporate Income Tax make up the net increase:

  • Corporate Tax refunds issued (net of voided checks) fell by $5.8 million, or -29.1 percent, from last year
  • Corporate Income Tax Return payments increased by $5.1 million, or 112.2 percent, over FY 2020
  • All other Corporate Tax categories, including Estimated Tax payments, were down a combined $4.8 million

Motor Fuel Taxes:  Motor Fuel Tax collections for the month decreased by $3.9 million, or -2.5 percent compared to August 2019 when Motor Fuel Tax collections totaled roughly $156.1 million.   

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections decreased by $5.7 million, or -15.8 percent, compared to last year, while Title ad Valorem Tax (TAVT) collections totaled nearly $60.7 million for a decrease of roughly $10.9 million, or -15.2 percent, from the previous fiscal year.

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