March Net Tax Revenues up 9.8%

The State of Georgia’s net tax collections for March totaled $1.83 billion for an increase of $163.5 million, or 9.8 percent, compared to March 2019 when net tax collections totaled roughly $1.67 billion. Year-to-date net tax collections totaled $17.39 billion, for an increase of $350.8 million, or 2.1 percent, compared to the previous fiscal year when net tax revenues totaled $17.04 billion.  Individual Income Tax collections totaled $971.4 million, which was an increase of roughly $197.5 million, or 25.5 percent, compared to last year when Income Tax collections totaled nearly $774 million. Gross Sales and Use Tax collections totaled $936 million during the month for a decrease of $10.5 million, or -1.1 percent, compared to FY 2019. Corporate Income Tax collections during the month totaled almost $110.1 million for an increase of roughly $0.9 million, or 0.8 percent, compared to FY 2019.   Motor Fuel Tax collections increased by nearly $5.8 million, or 4.1 percent, compared to FY 2019. Motor Vehicle Tag & Title Fees fell by nearly $2.5 million, or -6.9 percent, in March while Title Ad Valorem Tax (TAVT) collections decreased by $14.6 million, or -22.9 percent, from last year’s total of $63.8 million.