The State of Georgia’s net tax collections in September totaled roughly $2.25 billion for an increase of $15.7 million, or 0.7 percent, compared to last year when net tax collections totaled $2.23 billion. Year-to-date, net tax revenue collections totaled $5.83 billion for an increase of $21.1 million, or 0.4 percent, compared to September Fiscal Year (FY) 2019.
Changes in the following tax categories account for September’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during September totaled $1.13 billion for a decrease of $27.4 million, or -2.4 percent, compared to last year when net Individual Tax revenues approached $1.16 billion.
The following components within Individual Income Tax combine for the net decrease:
▪ | Individual Income Tax refunds issued (net of voided checks) increased by $36.1 million or 59.1 percent. |
▪ | Individual Withholding payments increased by $1.9 million, or 0.2 percent, compared to last year. |
▪ | Individual Income Tax Return payments were up $8.6 million, or 53.8 percent, over last year. |
▪ | All other Individual Tax categories, including Estimated Tax payments, were down a combined $1.8 million. |
Sales and Use Tax: Gross Sales and Use Tax collections increased by $39.2 million, or 3.9 percent, over last year to a total of roughly $1.05 billion for the month. Net Sales and Use Tax decreased by nearly $5.3 million, or -1 percent, compared to FY 2019, when net Sales Tax revenue totaled $514.1 million. The adjusted Sales Tax distribution to local governments totaled $528.3 million, for an increase of roughly $34.2 million, or 6.9 percent, over last fiscal year. Lastly, Sales Tax refunds increased by nearly $10.4 million, or 163.8 percent, compared to September 2018.
Corporate Income Tax: Net Corporate Income Tax collections increased by $46.2 million, or 22.2 percent, compared to September 2018, when net Corporate Tax revenues totaled roughly $208.6 million for the month.
The following components within Corporate Income Tax comprise the net increase:
▪ | Corporate Tax refunds issued (net of voided checks) were up $6.6 million, or 36.4 percent. |
▪ | Corporate Income Tax Estimated payments were up $58.5 million, or 29.7 percent, for the month. |
▪ | Corporate Income Tax Return payments declined by $4.8 million, or -30.8 percent, from last year. |
▪ | All other Corporate Tax payments, including S-Corp payments, combined for a decrease of $0.9 million. |
Motor Fuel Taxes: Motor Fuel Tax collections during the month declined by $3.9 million, or -2.4 percent, down from a total of $164.8 million in FY 2019.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fee collections fell by $0.6 million, or -2 percent, compared to September 2018 when Motor Vehicle fees totaled $29.8 million. Title Ad Valorem Tax (TAVT) collections were down by $20.3 million, or -25.3 percent, compared to last year’s total of $80.4 million.
This is a press release from the Office of Governor Brian Kemp.