March Net Tax Revenues Up 45.5%
The State of Georgia’s net tax collections for March totaled $2.76 billion, for an increase of $862.9 million, or 45.5 percent, compared to March 2021, when net tax collections approached $1.90 billion. Year-to-date, net tax collections totaled $22.52 billion, for an increase of nearly $3.59 billion, or 18.9 percent, compared to the previous fiscal year when net tax revenues totaled $18.94 billion at the end of the third quarter.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by $657.9 million, or 70.6 percent, to a total of nearly $1.59 billion compared to last year when Income Tax collections totaled $931.7 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 $388.6 million, or -54.7 percent
- Individual Withholding payments increased by $158.6 million, or 11.3 percent, from March 2021
- Individual Income Tax Return payments were up $34.1 million, or 38 percent, over FY 2021
- All other Individual Tax categories, including Non-Resident Return payments, were up a combined $76.6 million
Sales and Use Tax: Gross Sales and Use Tax collections for March approached a total of $1.27 billion, for an increase of $213.8 million, or 20.3 percent, over FY 2021. Net Sales and Use Tax increased by roughly $103.6 million, or 19.4 percent, over March 2021, when net sales tax totaled $532.7 million. The adjusted Sales Tax distribution to local governments totaled $628.2 million, for an increase of $115.3 million, or 22.5 percent, compared to last year. Lastly, Sales Tax refunds decreased by $5.1 million, or -57.7 percent, compared to March 2021.
Corporate Income Tax: Corporate Income Tax collections totaled nearly $204.9 million, for an increase of $71 million, or 53.1 percent, over last year, in which Corporate Tax collections totaled almost $133.9 million in March.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voided checks) were down $9 million, or -67.2 percent
- Corporate Income Tax Estimated payments increased by roughly $49.4 million, or 68.3 percent
- All other Corporate Tax types, including Corporate Return payments, were up a combined $12.6 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $12.6 million, or 8.8 percent, over March FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees rose by $1.5 million, or 4.1 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 6.3 percent, compared to the previous March, when TAVT totaled almost $57 million.