December Net Tax Revenues Up 7.7%
The State of Georgia’s net tax collections in December totaled $2.40 billion, for an increase of $171.4 million, or 7.7 percent, compared to December 2019 when net tax collections totaled almost $2.23 billion. Year-to-date, net tax revenue collections totaled $12.57 billion, for an increase of $722.5 million, or 6.1 percent, compared to FY 2020. Individual Income Tax collections for December increased by $83.4 million, or 7.2 percent, compared to December 2019 when net Individual Tax revenues approached $1.16 billion. Gross Sales and Use Tax collections totaled nearly $1.13 billion, for an increase of $73 million, or 6.9 percent, over last year’s total of roughly $1.06 billion. Net Sales and Use Tax for the month increased by roughly $48.3 million, or 9.2 percent, compared to last year, when net Sales Tax revenue totaled $526.3 million. The adjusted Sales Tax distribution to local governments totaled $549.5 million, for an increase of $25.4 million, or 4.8 percent, over FY 2020. Lastly, Sales Tax refunds fell by $0.6 million, or -11.1 percent compared to December 2019. Net Corporate Income Tax collections increased by $34.4 million, or 13.9 percent, compared to FY 2020 when net Corporate Tax revenues totaled $246.5 million in December. Motor Fuel Tax collections for the month increased by $1.2 million, or 0.8 percent, from last year’s December total of $147.9 million. Motor Vehicle Tag and Title Fee collections for the month were up $7 million, or 27.6 percent, compared to FY 2020 when Motor Vehicle fees totaled $25.3 million. Lastly, Title ad Valorem Tax (TAVT) collections increased by $3.6 million, or 7.6 percent, compared to last year’s total of $47.6 million.