Timing of Tax Filing Deadlines leads to Large One-Month Increase in State Revenues

The State of Georgia’s net tax collections for March totaled $2.76 billion, for an increase of $862.9 million, or 45.5 percent, compared to March 2021, when net tax collections approached $1.90 billion.  Year-to-date, net tax collections totaled $22.52 billion, for an increase of nearly $3.59 billion, or 18.9 percent, compared to the previous fiscal year when net tax revenues totaled $18.94 billion at the end of the third quarter.  Due to differences in tax filing deadlines in FY2020 and FY 2021 versus FY 2022, comparisons in month-over-month income tax collections and refunds can be challenging.  Individual Income Tax collections increased by $657.9 million, or 70.6 percent, to a total of nearly $1.59 billion compared to last year when Income Tax collections totaled $931.7 million.  Gross Sales and Use Tax collections for March approached a total of $1.27 billion, for an increase of $213.8 million, or 20.3 percent, over FY 2021.  Net Sales and Use Tax increased by roughly $103.6 million, or 19.4 percent, over March 2021, when net sales tax totaled $532.7 million.  Corporate Income Tax collections totaled nearly $204.9 million, for an increase of $71 million, or 53.1 percent, over last year, in which Corporate Tax collections totaled almost $133.9 million in March.  Motor Fuel Tax collections increased by $12.6 million, or 8.8 percent, over March FY 2021.  Motor Vehicle Tag and Title Fees rose by $1.5 million, or 4.1 percent, while Title Ad Valorem Tax collections increased by $3.6 million, or 6.3 percent, compared to the previous March when TAVT totaled almost $57 million.