January Net Tax Revenues up 7.5%

The State of Georgia’s net tax collections for January totaled $2.53 billion, for an increase of $175.6 million, or 7.5 percent, compared to January 2020, when net tax collections approached $2.36 billion. Year-to-date net tax collections totaled $15.10 billion, for an increase of $898.1 million, or 6.3 percent, compared to the previous fiscal year, when net tax revenues totaled almost $14.21 billion.  Individual Income Tax collections increased by a total of $85.7 million, or 6.3 percent, compared to last year when Income Tax collections totaled $1.35 billion. Gross Sales and Use Tax collections for the month totaled $1.35 billion, for an increase of $108.9 million, or 8.8 percent, over January 2020. Corporate Income Tax collections during the month totaled $75.7 million for an increase of $25.6 million, or 51.2 percent, over FY 2020 when Corporate Tax collections totaled $50.1 million. Motor Fuel Tax collections increased by $2 million, or 1.3 percent, compared to FY 2020.  Motor Vehicle Tag and Title Fees in January decreased by $8.7 million, or -21.6 percent, whereas Title Ad Valorem Tax (TAVT) collections increased by $5.4 million, or 10.1 percent, compared to last year’s total of $53.5 million.