Atlanta, GA – The State of Georgia’s net tax collections for January totaled roughly $2.95 billion, for an increase of $423.5 million, or 16.7 percent, compared to January 2021, when net tax collections totaled $2.53 billion. Year-to-date, net tax collections approached $17.81 billion, for an increase of roughly $2.70 billion, or 17.9 percent, compared to the previous fiscal year when net tax revenues totaled $15.10 billion through the end of January.
The changes within the following tax categories help further explain January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by a total of almost $302 million, or 21 percent, compared to last year when Income Tax collections approached $1.44 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 $6.6 million, or 15.3 percent
• Individual Withholding payments increased by $149 million, or 13.5 percent, from January 2021
• Individual Income Tax Estimated payments were up $85.5 million, or 33.1 percent, over FY 2021
• All other Individual Tax categories, including Tax Return payments, were up a combined $74.1 million
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.56 billion, for an increase of $207.2 million, or 15.3 percent, over FY 2021. Net Sales and Use Tax increased by $100.2 million, or 14.5 percent, over last year, when net sales tax totaled $690.5 million. The adjusted Sales Tax distribution to local governments totaled almost $766 million, for an increase of $108.6 million, or 16.5 percent, compared to the previous year. Lastly, Sales Tax refunds decreased by $1.5 million, or 41.2 percent, compared to FY 2021.
Corporate Income Tax: Corporate Income Tax collections increased roughly $0.2 million, or 0.2 percent, from the previous year, in which Corporate Tax collections totaled $75.7 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voids) increased by $26.3 million, or 233.1 percent
• Corporate Income Tax Estimated payments for the month increased by $18.5 million, or 35.9 percent
• All other Corporate Tax types, including Tax Return payments, were up a combined $8 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $11 million, or 7 percent, over January 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month rose by $2.5 million, or 7.9 percent, while Title Ad Valorem Tax (TAVT) collections increased by $5.9 million, or 10 percent, compared to last year’s January total of $58.9 million.
Original source found here.
