December Net Tax Revenues Up 3%

The State of Georgia’s December net tax collections totaled nearly $2.23 billion, for an increase of $65.8 million, or 3 percent, compared to the previous fiscal year, when net tax collections totaled roughly $2.16 billion.  Year-to-date, net tax collections totaled $11.85 billion, for an increase of roughly $32.3 million, or 0.3 percent, compared to FY 2019 when net tax revenues totaled almost $11.82 billion. Individual Income Tax collections totaled nearly $1.16 billion, for an increase of $14.4 million, or 1.3 percent, compared to December 2018 when Income Tax collections totaled $1.14 billion.  Gross Sales and Use Tax collections increased by $15.4 million, or 1.5 percent, up from a total of $1.04 billion in FY 2019. Net Sales and Use Tax increased by approximately $0.2 million compared to last year when net sales tax totaled $526.1 million. The adjusted Sales Tax distribution to local governments totaled $524.1 million, for an increase of $21.2 million, or 4.2 percent, while Sales Tax Refunds fell by roughly $6 million, or -53.3 percent, from a total of $11.2 million in FY 2019.  Corporate Income Tax collections increased by nearly $66.5 million, or 36.9 percent, compared to FY 2019 when Corporate Tax collections totaled approximately $180 million for December. Motor Fuel Tax collections increased by nearly $0.7 million, or 0.5 percent, compared to FY 2019. Motor Vehicle Tag and Title Fees decreased by $0.5 million, or -2 percent, compared to last year, while Title Ad Valorem Tax (TAVT) collections declined by almost $19 million, or -28.5 percent.