Georgia Economy Strong as Net Tax Collections Up Nearly 70 Percent Versus This Time Last Year

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The State of Georgia’s May net tax collections approached $2.66 billion for an increase of roughly $1.08 billion, or 68.1 percent, compared to May 2020.

Net tax collections in May of last year totaled $1.58 billion, according to a press release that Georgia Gov. Brian Kemp released this week.

“Year-to-date, total net tax collections totaled almost $24.40 billion for an increase of roughly $3.59 billion, or 17.2 percent, compared to the previous fiscal year when net tax revenues totaled $20.81 billion as of May 31, 2020. Year-over-year comparisons of state net tax collections for the spring quarter of April to June are made difficult by both the deferral of 2020 state tax filing deadlines for quarterly and annual income taxes to July 15 and the 2021 deferral of the annual individual income tax filing deadline to May 17,” the press release said.

“While annual totals will be comparable as of June 30, monthly year-over-year comparisons may not be appropriate since financial results were impacted by the economic implications of the Coronavirus pandemic and the aforementioned shifting of return filing deadlines.”

As for other taxes, Kemp’s press release said the following:

• The Individual Income Tax: Net individual income tax collections for May totaled roughly $1.57 billion, for an increase of $708.8 million, or 82.7 percent, compared to May 2020 when net individual tax revenues totaled $857.1 million.

• Gross Sales and Use Tax Collections: Gross sales and use tax collections in May increased by $381.5 million, or 42.1 percent, to a total of roughly $1.29 billion for the month. Net Sales and Use Tax increased by $207.8 million, or 46.2 percent, compared to last year when net sales tax totaled $449.9 million. The adjusted Sales Tax distribution to local governments totaled $626 million for an increase of $176.4 million, or 39.2 percent, while sales tax refunds fell by $2.6 million, or -37.3 percent, compared to May FY 2020, the press release said.

• Corporate Income Tax: Net corporate income tax collections for the month totaled $51.2 million, which was an increase of $26.8 million, or 109.6 percent, over last year when net corporate tax revenues totaled $24.5 million.

• Motor Fuel Taxes: Motor Fuel Tax collections were up $56.5 million, or 49.7 percent, compared to last year, when motor fuel gallons purchased and driven were diminished due to the Coronavirus-driven economic slowdown.

• Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag and Title Fees increased by nearly $2.5 million, or 8.7 percent, in May, while Title Ad Valorem Tax (TAVT) collections increased by $41.1 million, or 125.5 percent, over FY 2020.

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Chris Butler is an investigative journalist at The Tennessee Star. Follow Chris on Facebook. Email tips to [email protected]

 

 

 

 

 

 

 

 

 

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