Georgia’s October Net Tax Revenues Up Nearly 23 Percent

 

The State of Georgia’s net tax collections in October approached $2.48 billion, for an increase of $460.7 million, or 22.9 percent, compared to October 2020, when net tax collections totaled roughly $2.02 billion.

This, according to an emailed press release that Governor Brian Kemp’s office emailed Friday.

“Year-to-date, net tax revenue collections totaled nearly $9.58 billion, for an increase of $1.36 billion, or 16.6 percent, over FY 2021,” according to the press release.

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 totaled almost $1.32 billion, for an increase of $279.8 million, or 26.9 percent, compared to FY 2021 when net Individual Tax revenues totaled $1.04 billion.

• Sales and Use Tax: Gross Sales and Use Tax collections increased by $184.6 million, or 16.4 percent, from last year’s total of $1.12 billion. Net Sales and Use Tax increased by $80 million, or 13.9 percent, compared to FY 2021, when net Sales Tax revenue totaled $574.9 million. The adjusted Sales Tax distribution to local governments totaled $642.4 million, for an increase of $108.9 million, or 20.4 percent, over the previous year. Lastly, Sales Tax refunds fell by $4.3 million, or decreased by 29.7 percent, compared to October 2020.

• Corporate Income Tax:Net Corporate Income Tax collections increased by $42.6 million, or 81.2 percent, compared to the previous fiscal year, when net Corporate Tax revenues totaled roughly $52.5 million for the month.

Georgia’s September net tax collections, as announced last month, 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.

“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,” state officials announced last month.

Kemp announced last month that he would spend $5.8 billion in federal COVID-19 relief funds — taxpayer money — on the state’s tourism industry.

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Chris Butler is an investigative journalist at The Tennessee Star. Follow Chris on Facebook. Email tips to [email protected]
Photo “Georgia Capitol” by Autiger. CC BY-SA 2.0.

 

 

 

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