June Tax Revenues down 8.8%

The State of Georgia’s June net tax collections approached $1.94 billion, for a decrease of $187 million, or -8.8 percent, compared to June 2019 when net tax collections totaled roughly $2.12 billion. Net tax collections for FY 2020 currently total almost $22.75 billion, which reflects a decrease of roughly $1.04 billion, or -4.4 percent, compared to fiscal year-ending June 30, 2019 when net tax revenues totaled more than $23.79 billion.  Please note that, due to the Georgia income tax filing deadline extension related to tax year 2019, total net collections for FY 2020 are not yet final.  Individual Income Tax collections decreased by $5.8 million, or -0.6 percent, compared to FY 2019 when Income Tax collections totaled more than $1.04 billion. Individual Income Tax refunds issued – net of voided checks – were up $48.2 million or 44.4 percent. Individual Estimated Tax payments were down $126.4 million, or -69.7 percent, from last year. Income Tax Withholding payments for the month increased by $138 million, or 16 percent. Individual Income Tax Return payments were up $60.3 million, or 265.4 percent, over last year. All other categories, including Non-Resident Return payments, were down a combined $29.5 million.  Gross Sales and Use Tax collections totaled approximately $1.04 billion, which was a decrease of $28.8 million, or -2.7 percent, compared to FY 2019. Net Sales and Use Tax fell by $10.2 million, or -1.9 percent, compared to June 2019 when net sales tax totaled $527.7 million. The adjusted Sales Tax distribution to local governments decreased by $20.1 million, or -3.8 percent, from last year to a total of $513.7 million while Sales Tax Refunds increased by $1.5 million to a total of nearly $8.7 million for the month.  Corporate Income Tax collections totaled nearly $98.3 million for a decrease of $127.6 million, or -56.5 percent, from last year when Corporate Tax collections totaled $225.8 million. Corporate Income Tax refunds (net of voids) increased by $9.2 million, or 40.9 percent, over last year. Corporate Estimated Tax payments decreased by $117 million, or -53.9 percent, from June 2019. All other Corporate Tax types, including Corporate Income Tax payments, were down a combined $1.4 million.  Motor Fuel Tax collections decreased by $24.5 million, or -14.9 percent, compared to FY 2019.  Motor Vehicle Tag & Title Fees increased by nearly $2.4 million, or 8.4 percent, while Title Ad Valorem Tax (TAVT) collections declined by $19.9 million, or -31.2 percent, compared to last year.