Georgia’s tax revenues increase by 29%
June net tax revenue up 29.1%, up 13.5% for fiscal 2021
JULY 12, 2021
Atlanta, Georgia – Georgia state net tax revenue in June totaled $ 2.5 billion, an increase of $ 563.1 million, or 29.1%, from June 2020, when net tax revenue amounted to nearly $ 1.94 billion as of June 30, 2020. For the fiscal year ended June 30, 2021, net tax revenue totaled nearly $ 26.90 billion, an increase of nearly 3 , $ 2 billion, or 13.5%, from fiscal 2020 (FY ’20), when final net tax revenue – adjusted to August 7, 2020, to include deferred FY Tax due payments related to ’20 received in July of fiscal year ’21 – totaled $ 23.7 billion.
“Through our work alongside the General Assembly to budget conservatively and protect both lives and livelihoods throughout a global pandemic, Georgia remains on a solid financial footing,” said Governor Kemp. âThe COVID-19 crisis has highlighted the importance of states living within their means, and Georgia has done so without widespread layoffs, tax increases, time off or drastic cuts in essential services. Over the past two legislative sessions, heads of state have worked together to fund our priorities in education, health care and public safety, while reducing taxes for hard-working Georgians. Georgia is the # 1 state for business for the eighth consecutive year, our rainy day fund remains strong and we are leading the country in economic recovery! “
FY20 net collection revenue has been adjusted to include a total of $ 952.7 million – $ 703.8 million in net personal tax payments and $ 248.9 million in net payments corporate tax – in tax filing deadline payments that were received in July 2020, but specifically identified as applicable to AF ’20. The initial year-end reporting of fiscal year ’20 net collections (as of June 30) was not final due to the postponement of the state tax reporting deadline in accordance with federal reporting guidelines tax which moved the payment deadlines from the 2019 tax year for individuals and corporations to July 15, 2020. The state agreement with the shift of the payment deadline from last year has justified an accumulation of one-time income from fiscal year ’20 tax return receipts received after the traditional year end. This ensured proper revenue recognition with the aim of providing an appropriate financial comparison for successive years with Fiscal 19 (presented August 7, 2020) and the recently completed FY 21, as of June 30 (press release of June 12, 2020). July 2021).
Personal income tax: Personal income tax net collections for June totaled about $ 1.30 billion, an increase of $ 256.8 million, or 24.7%, from FY20, when net personal income tax revenue was almost $ 1.04 billion.
The following notable elements of personal income tax combine for the net increase:
- Personal income tax refunds issued (net of canceled checks) decreased $ 0.6 million, or -0.4%.
- Individual holdback payments increased nearly $ 101.6 million, or 10.1%, from fiscal year 20.
- Personal Income Tax Estimated payments increased $ 124.3 million, or 226 percent, from a year ago.
- All other categories, including tax return payments, increased by $ 30.3 million.
Sales and use tax: Gross sales and use tax collections increased by approximately $ 248.9 million, or 23.9 percent, to a total of nearly $ 1.29 billion in the year ’21. Net sales and use taxes were up $ 127.4 million, or 24.6 percent, from last year’s total of $ 517.5 million. Sales tax distribution to local governments totaled approximately $ 629.6 million, an increase of $ 115.9 million, or 22.6 percent, while sales tax refunds increased by $ 5.6 million from fiscal year 20.
Corporation tax: Net corporate income tax collections for the month totaled $ 325.8 million, an increase of $ 227.5 million, or 231.6 percent, from last year, when net corporate tax revenue was $ 98.3 million.
The following notable elements of corporate income tax constitute the net increase:
- Corporate income tax refunds (net of voids) decreased $ 20.4 million, or -64.4%, from fiscal year ’20.
- Corporate Income Tax Estimated payments increased $ 194.5 million, or 194.4 percent, from a year ago.
- Corporate income tax return payments increased $ 13.6 million, or 70.9%, from fiscal year ’20.
- All other categories of corporate tax, including S-Corp tax payments, were down $ 1 million.
Fuel taxes: Fuel tax collections were down $ 82.8 million, or -59.2 percent, from a year ago, when fuel tax collections totaled nearly $ 140 million. dollars. The significant reduction in the number of taxable gallons of fuel sold is the result of a supply shortage caused by the May 7 cyberattack on critical fuel line infrastructure in the Southeast. In response to the severe fuel shortage, the governor’s state of emergency decree ordered the temporary suspension of the collection of fuel excise tax on both gasoline and diesel for a period of time. of approximately three weeks starting May 10 and ending June 2, 2021..
Motor vehicle – Label and title fees: Motor vehicle label and title fees rose $ 1.4 million, or 4.6 percent, in June, while ad valorem title tax (TAVT) collections increased by ‘approximately $ 24.6 million, or 56.3 percent, in fiscal year ’20.