April Net Tax Revenues Up 78.9%
The State of Georgia’s net tax collections for April totaled $5.01 billion, for an increase of $2.21 billion, or 78.9 percent, compared to April 2021, when net tax collections totaled $2.80 billion. Year-to-date, net tax collections totaled almost $27.54 billion, for an increase of nearly $5.80 billion, or 26.7 percent, compared to the previous fiscal year when net tax revenues totaled $21.74 billion as of the end of April 2021.
The changes within the following tax categories help further explain April’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by $1.94 billion, or 158.7 percent, to a total of roughly $3.16 billion compared to last year, when Income Tax collections totaled $1.22 billion.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) were up $554.3 million, or 123.8 percent
- Individual Withholding payments increased by $77.7 million, or 7.1 percent, over April 2021
- Individual Income Tax Return payments were up $2,162.6 million, or 774.6 percent, versus FY 2021
- All other Individual categories, including Non-Resident Return payments, were up a combined $254.3 million
Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled nearly $1.54 billion, for an increase of $187.1 million, or 13.8 percent, over FY 2021. Net Sales and Use Tax increased by $91.8 million, or 12.9 percent, from April 2021, when net sales tax totaled $712.6 million. The adjusted Sales Tax distribution to local governments totaled $729.7 million, for an increase of $105.5 million, or 16.9 percent, compared to last year. Lastly, Sales Tax refunds decreased by $10.2 million, or -71.6 percent, compared to April 2021.
Corporate Income Tax: Corporate Income Tax collections increased by nearly $257.9 million, or 56.9 percent, compared to FY 2021, when Corporate Tax collections totaled $453.3 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voided checks) were up $10.4 million, or 188.7 percent
- Corporate Income Tax Estimated payments increased by $191.8 million, or 75 percent, over FY ‘21
- Corporate Income Tax Return payments increased by $55.7 million, or 30 percent, versus April 2021
- All other Corporate Tax categories, including Corporate Return payments, were up a combined $20.8 million
Motor Fuel Taxes: Motor Fuel Tax collections for April decreased by $68.6 million, or -39.5 percent, from FY 2021, because of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax beginning on March 18th through the end of May.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by nearly $6.4 million, or -16.2 percent, while Title Ad Valorem Tax (TAVT) collections increased by almost $6 million, or 8.4 percent, compared to last year, when TAVT totaled almost $71 million in April.