Atlanta, GA – 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. 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.
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.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) increased by $27.5 million or 16.9 percent.
• Individual Withholding payments increased by $114.6 million, or 11.8 percent, compared to FY 2021.
• Individual Income Tax Return payments were up $168.3 million, or 106.1 percent, from last year.
• All other Individual Tax categories, including Non-Resident Tax payments, were up a combined $24.4 million.
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.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voids) increased by $3.8 million, or 9 percent, from last year.
• Corporate Income Tax Estimated payments were up $8.9 million, or 19.1 percent, over FY 2021.
• Corporate Income Tax Return payments increased by $36.7 million, or 155.7 percent, over last year.
• All other Corporate Tax payments, including Corporate Net Worth, were up a combined of $0.8 million.
Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by nearly $13.8 million, or 9 percent, up from a total of $153.5 million in FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $1 million, or 3 percent, compared to October 2020 when Motor Vehicle fees totaled $34.2 million, while Title ad Valorem Tax (TAVT) collections increased by $7.3 million, or 12.3 percent, compared to last year’s total of $59.2 million.
Original source found here.
