Atlanta, GA – The State of Georgia’s net tax collections in November totaled $2.29 billion, for an increase of $332.7 million, or 17 percent, compared to November 2020, when net tax collections totaled $1.96 billion. Year-to-date, net tax revenue collections totaled $11.87 billion, for an increase of nearly $1.70 billion, or 16.7 percent, over FY 2021.
The changes within the following tax categories account for November’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for November totaled $1.22 billion, which was an increase of $195.4 million, or 19 percent, over last year when net Individual Tax revenues totaled $1.03 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 $14.1 million or 24.5 percent
• Individual Withholding payments increased by $173.6 million, or 17 percent, compared to last year
• Individual Income Tax Return payments were up nearly $8.9 million, or 65.3 percent, over FY 2021
• All other Individual Tax categories, including Non-Resident Return payments, were up a combined $27 million
Sales and Use Tax: Gross Sales and Use Tax collections increased by $208.6 million, or 18.6 percent, to a total of almost $1.33 billion, up from the previous year’s total of 1.12 billion. Net Sales and Use Tax increased by $154.5 million, or 30 percent, compared to November 2020, when net Sales Tax revenue totaled $515.8 million. The adjusted Sales Tax distribution to local governments totaled $654.2 million, which was an increase of $57.6 million, or 9.7 percent, over last year. Lastly, Sales Tax refunds declined by $3.5 million, or -45.8 percent, from FY 2021.
Corporate Income Tax: Net Corporate Income Tax collections decreased by $26.6 million, or -171 percent, compared to FY 2021, when net Corporate Tax revenues totaled $15.5 million in November 2020.
The following notable components within Corporate Income Tax make up the net decrease:
• Corporate Tax refunds issued (net of voided checks) increased by $30.2 million or 141.6 percent
• Corporate Income Tax Estimated payments were up $6.5 million, or 23 percent, over last year
• All other Corporate Tax payments, including Corporate Return payments, were down a combined $2.9 million
Motor Fuel Taxes: Motor Fuel Tax collections for November increased by $13.4 million, or 8.4 percent, from last year’s monthly total of $160.1 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month fell by $1.5 million, or -5.5 percent, compared to November 2020 when Motor Vehicle fees totaled $27.5 million. Title ad Valorem Tax (TAVT) collections increased by nearly $3.3 million, or 5.7 percent, compared to last year’s total of $57.5 million.
Original source found here.
