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Saturday July 11th, 2020 10:48PM

Kemp: Tax collections drop 10.1% for May as COVID-19 crisis continues

By AccessWDUN Staff

Georgia's tax collections took another hit in May, although the impact was not as severe as the April numbers.

Gov. Brian Kemp's office issued the tax revenue report on Monday, June 8, stating that net tax collections totaled $1.58 billion, representing a decrease of $178 million or 10.1 percent. May 2019 net tax collections totaled nearly $1.76 billion. Year-to-date net tax collections totaled $20.81 billion for a decrease of roughly $857.9 million, which translates to a drop of 4-percent compared to the previous fiscal year.

The overall tax collections for the month of April dropped 35.9 percent compared to April 2019.

The governor's office issued the following details on the May revenues:

Individual Income Tax: Individual Income Tax collections for May declined by nearly $30 million, or -3.4 percent, down from May 2019 when net Individual Tax revenues totaled roughly $887.1 million. Individual Income Tax refunds issued - net of voided checks - decreased by $0.9 million, or -0.6 percent. Individual Income Tax Return payments decreased by roughly $25 million, or -38 percent, from last year. Individual Withholding payments for the month were up $13.1 million, or 1.4 percent, over last year. All other categories, including Non-Resident Income Tax payments, were down a combined $19 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled $906.5 million for the month, which was a decrease of roughly $138.7 million, or -13.3 percent, compared to May 2019. Net Sales and Use Tax declined by $58.4 million, or -11.5 percent, compared to last year when net sales tax totaled $508.3 million. The adjusted Sales Tax distribution to local governments totaled $449.6 million for a decrease of $80.7 million, or -15.2 percent, from May 2019. Lastly, Sales Tax Refunds increased by nearly $0.4 million compared to FY 2019.

Corporate Income Tax: Net Corporate Income Tax collections decreased by nearly $16.9 million, or -40.8 percent, compared to FY 2019 when net Corporate Tax revenues totaled $41.3 million. Corporate Income Tax refunds - net of voids - decreased by $6.8 million, or -71 percent, from last year. Corporate Income Tax Estimated payments received were up nearly $4.6 million, or 26.5 percent. Corporate Income Tax Return payments decreased by nearly $22.7 million or -90.4 percent. All other Corporate Tax types, including S-Corp tax payments, were down a combined $5.6 million.

Motor Fuel Taxes: Motor Fuel Tax collections decreased by $39.2 million, or -25.7 percent, compared to FY 2019.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $3.8 million, or 15.7 percent, in May while Title Ad Valorem Tax (TAVT) collections declined by $44.3 million, or -57.5 percent, compared to FY 2019.

  • Associated Categories: Homepage, Business News, Local/State News, Submitted News
  • Associated Tags: tax collections, Gov. Brian Kemp , COVID-19, coronavirus pandemic, tax collection decrease
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