Atlanta, GA – The State of Georgia’s net tax collections for August totaled nearly $2.31 billion for an increase of $180.4 million, or 8.5 percent, over August 2021 (FY 2022), when net tax collections approached $2.13 billion. Year-to-date, net tax revenue collections totaled roughly $4.52 billion after two months, for an increase of $234.6 million, or 5.5 percent, compared to FY 2022 as of the end of August.
The changes within the following tax categories account for August’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for August totaled $1.32 billion, an increase of $215.6 million, or 19.5 percent, over the Individual Tax revenues for August of 2021.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) decreased by $8.7 million or -9.9 percent
- Income Tax Withholding payments for August increased by $164.1 million, or 15 percent, over August 2021
- Individual Income Tax Return payments increased by $20.8 million, or 87.9 percent
- All other Individual Tax categories combined, including Estimated Tax payments, were up nearly $22 million
Corporate Income Tax: Corporate Income Tax collections increased by $60.2 million, to a total of $62.3 million compared to August 2021, when net Corporate Tax revenues totaled $2.1 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voids) were down $29.1 million, or -87.4 percent, from the same time last year
- Corporate Income Tax Estimated payments increased by $16.2 million or 68.8 percent, over last year
- All other Corporate Tax payments, including Return payments, were up a combined $14.9 million over August of 2021
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by nearly $2 million, or 5.7 percent, to a total of $36.2 million, while Title ad Valorem Tax (TAVT) collections decreased by $2.3 million, or -3.4 percent, compared to the same time the previous year.
Original source found here.