October Net Tax Revenues Up 1.8 Percent

The State of Georgia’s net tax collections in October totaled nearly $2.02 billion, for an increase of $35.2 million, or 1.8 percent, compared to last year when net tax collections totaled $1.98 billion. Year-to-date, net tax revenue collections totaled $8.21 billion, for an increase of $400.2 million, or 5.1 percent, compared to October FY 2020.

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

Individual Income Tax: Individual Income Tax collections for October decreased by roughly $12.9 million, or -1.2 percent, down from FY 2020 when net Individual Tax revenues totaled more than $1.05 billion. The following notable components within Individual Income Tax combine for the net decrease. Individual Income Tax refunds issued (net of voided checks) decreased by $7.9 million or -4.6 percent. Individual Withholding payments declined by $6.6 million, or -0.7 percent, compared to last year. Individual Income Tax Return payments were down $11.6 million, or -6.8 percent, versus FY 2020. All other Individual Tax categories, including Non-Resident Tax payments, were down a combined $2.6 million.

Sales and Use Tax: Gross Sales and Use Tax collections increased by $66.4 million, or 6.3 percent, up from last year when gross sales tax approached $1.06 billion. Net Sales and Use Tax increased by $52 million, or 9.9 percent, compared to FY 2020, when net Sales Tax revenue totaled $522.9 million. The adjusted Sales Tax distribution to local governments totaled $533.5 million, for an increase of $5.4 million, or 1 percent, over the previous fiscal year. Lastly, Sales Tax refunds increased by $9 million, or 166.2 percent, compared to FY 2020.

Corporate Income Tax: Net Corporate Income Tax collections decreased by nearly $21.3 million, or -28.8 percent, compared to October 2019, when net Corporate Tax revenues totaled $73.7 million for the month. The following notable components within Corporate Income Tax make up the net decrease. Corporate Tax refunds issued (net of voided checks) increased by $16.9 million or 67.6 percent. Corporate Income Tax Estimated payments were up $8.3 million, or 21.7 percent, over FY 2020. Corporate Income Tax Return payments declined by $21.7 million, or -48 percent, from last year. All other Corporate Tax payments, including S-Corp payments, combined for an increase of $9 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by $2.6 million, or 1.7 percent, up from a total of $150.9 million in FY 2020.

Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fee collections declined by roughly $0.8 million, or -2.2 percent, compared to October 2019, when Motor Vehicle fees totaled $35 million. In contrast, Title ad Valorem Tax (TAVT) collections increased by $3.9 million, or 7 percent, compared to last year’s total of nearly $55.3 million.