Connect with us

Georgia News

Georgia’s July Net Tax Revenues Up 0.4%

The State of Georgia’s net tax collections in the first month of FY 2022 approached $2.16 billion for an increase of $8.7 million, or 0.4 percent, compared to July 2020 (FY 2021), when net tax collections totaled roughly $2.15 billion.  Gross tax revenue receipts in July totaled $2.92 billion, for an increase of $187.2 million, or 6.8 percent, over July 2020, when gross tax revenue totaled $2.73 billion.

The changes within the following tax categories account for July’s overall net tax revenue increase:

Individual Income Tax:  Individual Income Tax collections during the month totaled almost $1.06 billion, down from roughly $1.17 billion in July 2020, for a decrease of $105.9 million or -9.1 percent.

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

  • Individual Income Tax refunds issued (net of voided checks) increased by $65 million or 293.8 percent
  • Income Tax Withholding payments for July decreased by $54.3 million, or -5 percent, from FY 2021
  • Individual Income Tax Return payments increased by $37.8 million, or 246 percent, over last year
  • All other Individual Tax categories, including Estimated Tax payments, were down a combined $24.4 million

Sales and Use Tax:  Gross Sales and Use Tax collections totaled $1.35 billion in July, for an increase of $216.5 million, or 19.1 percent, over FY 2021.  Net Sales and Use Tax increased $101.1 million, or 17.2 percent, compared to last year, when net Sales Tax revenue totaled $586 million.  The adjusted Sales Tax distribution to local governments totaled roughly $661 million, for an increase of $119.2 million, or 22 percent, over FY 2021.  Lastly, Sales Tax refunds fell by $3.8 million, or -61 percent, compared to last July.

Corporate Income Tax:  Corporate Income Tax collections for the month totaled $58.5 million, which was a decrease of $19.4 million, or -24.9 percent, from FY 2021 when net Corporate Tax revenues totaled $77.9 million in July.

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

  • Corporate Income Tax refunds issued (net of voids) were up $10.6 million, or 115.5 percent, over July 2020
  • Corporate Income Tax Estimated Return payments were down $14.9 million or -21.4 percent, from last year
  • All other Corporate Tax payments, including Return payments, were up a combined $6.1 million over last year

Motor Fuel Taxes:  Motor Fuel Tax collections during the month increased by $9.7 million, or 6.4 percent, from a total of $151.2 million in July 2020.

Motor Vehicle – Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections fell by $0.8 million, or -2.2 percent, from a total of $33.9 million in July 2020, while Title ad Valorem Tax (TAVT) collections increased by roughly $14.9 million, or 25.6 percent, compared to last year (FY 2021).

FY2022_JUL Fincl Comparative Summary ga tax
Click to comment

Leave a Reply

Your email address will not be published.

Deprecated: Function related_posts is deprecated since version 5.12.0! Use yarpp_related instead. in /var/app/current/src/wordpress/wp-includes/functions.php on line 5379