Georgia’s September net tax collections totaled nearly $2.82 billion for an increase of $655 million, or 30.3 percent, compared to September of last year when net tax collections totaled $2.16 billion.
This, according to a press release that Governor Brian Kemp emailed late last week.
“Year-to-date and through the end of one quarter, net tax revenue collections totaled $7.10 billion, for an increase of $903.7 million, or 14.6 percent, compared to FY 2021,” the press release said.
The changes within the following tax categories, the press release went on to say, account for September’s overall net tax revenue increase:
• Individual Income Tax: Individual income tax collections for September totaled $1.42 billion, for an increase of $165.9 million, or 13.2 percent, compared to FY 2021 when net Individual Tax revenues approached $1.26 billion.
• Sales and Use Tax: Gross sales and use tax collections totaled nearly $1.3 billion in September, for an increase of $198.5 million, or 18.1 percent, over last year. Net sales and use tax increased by $334.6 million, or 104.8 percent, compared to FY 2021, when net sales tax revenue totaled just $319.2 million. FY 2021 net sales tax collections were lower due to a one-time audit adjustment to re-state previously incorrect sales tax allocations for returns captured during an extensive audit review period completed last fall. Conversely, the monthly sales tax distribution to local governments was higher due to the DOR audit, with a total of $768.3 million in FY 2021, resulting in a favorable year-over-year decrease of $129.8 million, or decreased by 16.9 percent, in the current year (FY 2022) comparison to September 2020. Lastly, sales tax refunds decreased by $6.4 million, or decreased by 62.9 percent, compared to September FY 2021.
• Corporate Income Tax: Net corporate income tax collections increased by $133.5 million, or 50.4 percent, over last year when net corporate tax revenues totaled $264.9 million in September.
• Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $14.5 million, or 9.1 percent, up from a total of $159.8 million in September FY 2021.
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