February Net Tax Revenues Up 1%
The State of Georgia’s net tax collections for February totaled over $1.95 billion, for an increase of $19.8 million, or 1 percent, compared to February 2021, when net tax collections totaled roughly $1.93 billion. Year-to-date, net tax collections totaled nearly $19.76 billion, for an increase of $2.72 billion, or 16 percent, over February of FY 2021.
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 $992.4 million, which was a decrease of $72.6 million, or -6.8 percent, compared to last year when Income Tax collections totaled over $1.06 billion.
The following notable components within Individual Income Tax combine for the net decrease:
- Individual Income Tax refunds issued (net of voided checks) were up $184.6 million or 148.3 percent
- Individual Withholding payments increased by $75.8 million, or 6.8 percent, over last year
- Individual Income Tax Return payments were up $10.8 million, or 48.6 percent, from FY 2021
- All other Individual Tax categories, including Non-Resident Return payments, were up a combined $25.4 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.24 billion in February, for an increase of $152.4 million, or 14 percent, compared to February 2021. Net Sales and Use Tax increased by roughly $69.7 million, or 12.8 percent, compared to FY 2021, when net sales tax totaled $545.9 million. The adjusted Sales Tax distribution to local governments totaled $620 million, which was an increase of $79.2 million, or 14.6 percent, while Sales Tax refunds increased by $3.5 million, or 81.7 percent, over last year.
Corporate Income Tax: Corporate Income Tax collections during the month totaled nearly $10 million, for an increase of roughly $2.3 million, or 29.2 percent, compared to February 2021.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voided checks) were up $20 million or 104.8 percent
- Corporate Income Tax Estimated payments increased by $12 million, or 82.3 percent, over last year
- All other Corporate Tax types, including Corporate Return payments, were up a combined $10.3 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $3.5 million, or 2.3 percent, compared to FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by $0.4 million, or -0.9 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $3.4 million, or 5.8 percent, from last year’s total of $58.1 million.