Georgia’s December Net Tax Revenues Up 24.3%

The State of Georgia’s net tax collections in December totaled $2.98 billion, for an increase of $582.9 million, or 24.3 percent, compared to December 2020 when net tax collections totaled $2.40 billion.  Year-to-date, net tax revenue collections totaled $14.85 billion, for an increase of $2.28 billion, or 18.1 percent, over FY 2021 after six months.

The changes within the following tax categories account for December’s overall net tax revenue increase:

Individual Income Tax:  Individual Income Tax collections for December increased by $297.1 million, or 23.9 percent, compared to December 2020 when net Individual Tax revenues totaled $1.24 billion.

The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax refunds issued (net of voided checks) decreased by $13.4 million or -24.6 percent
• Individual Withholding payments increased by $202.6 million, or 17.1 percent, compared to last year
• Individual Income Tax Non-Resident Return payments increased $52.7 million, or 169.7 percent, over last year
• All other Individual Tax categories, including Estimated Return payments, were up a combined $28.4 million

Sales and Use Tax:  Gross Sales and Use Tax collections totaled $1.37 billion, for an increase of $243.4 million, or 21.6 percent, over last year’s total of nearly $1.13 billion.  Net Sales and Use Tax for the month increased by roughly $120.2 million, or 20.9 percent, compared to last year, when net Sales Tax revenue totaled $574.5 million.  The adjusted Sales Tax distribution to local governments totaled $670.4 million, for an increase of $120.9 million, or 22 percent, over FY 2021.  Lastly, Sales Tax refunds increased by $2.2 million, or 48.2 percent compared to FY 2021.

Corporate Income Tax:  Net Corporate Income Tax collections increased by $125.5 million, or 44.7 percent, up from FY 2021 when net Corporate Tax revenues totaled $280.9 million in December.

The following notable components within Corporate Income Tax make up the net increase:

• Corporate Tax refunds issued (net of voided checks) decreased by $5.1 million or -21.4 percent
• Corporate Income Tax Estimated Return payments were up $82.8 million, or 33.9 percent, over last year
• All other Corporate Tax payments, including Corporate Return payments, were up a combined $37.6 million

Motor Fuel Taxes:  Motor Fuel Tax collections for the month increased by $17 million, or 11.4 percent, over last year’s December total of $149.1 million.

Motor Vehicle – Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections for December increased by $2.1 million, or 6.5 percent, compared to FY 2021 when Motor Vehicle fees totaled $32.3 million.  Title ad Valorem Tax (TAVT) collections increased by roughly $7 million, or 13.7 percent, compared to last year’s total of $51.2 million.