Wednesday June 7th, 2023 9:29PM

Georgia tax revenue increases more than $134 million in August

By AccessWDUN Staff

Despite a health crisis that has battered Georgia's economy, state tax collections increased for a second month in August, according to a report released Thursday by Gov. Brian Kemp's office. 

Georgia’s August net tax collections totaled nearly $1.89 billion for an increase of $134.5 million, or 7.7%, compared to August 2019, when net tax collections totaled roughly $1.75 billion. The report said year-to-date, net tax revenue collections totaled $4.03 billion after two months for an increase of $446.3 million, or 12.4%, compared to the end of August last year (FY 2020).

Specific areas of revenue are listed below:

Individual Income Tax: Individual Income Tax collections for August totaled roughly $970.3 million, compared to $880.1 million in August 2019, which is an increase of roughly $90.2 million, or 10.3%. Individual Income Tax refunds issued (net of voided checks) were up $26.7 million, or 38.2%. Individual Income Tax Withholding payments were up $88.7 million, or 10.1%, over the fiscal year of 2020. Individual Income Tax Return payments increased by roughly $19.2 million, or 115.9%, over the last year. All other Individual Tax categories, including Estimated Tax payments, were up a combined $9 million.

Sales and Use Tax: Gross Sales and Use Tax collections for August increased by $60.1 million, or 5.6%, from a total of nearly $1.08 billion in Fiscal Year 2020. Net Sales and Use Tax, which totaled roughly $593.6 million for the month, had an increase of $58.1 million, or 10.8%, compared to last year. The adjusted Sales Tax distribution to local governments totaled nearly $535.2 million, a decrease of $2.2 million, or -0.4%, compared to August 2019. Lastly, Sales Tax refunds increased by roughly $4.1 million, or 79.2%, over last year.

Corporate Income Tax: Corporate Income Tax collections increased by nearly $6.1 million, or 115.9%, from a total of roughly $5.3 million in August 2019. Corporate Tax refunds issued (net of voided checks) fell by $5.8 million, or -29.1%, from last year. Corporate Income Tax Return payments increased by $5.1 million, or 112.2%, over Fiscal Year 2020. All other Corporate Tax categories, including Estimated Tax payments, were down a combined $4.8 million.

Motor Fuel Taxes: Motor Fuel Tax collections for the month decreased by $3.9 million, or -2.5%, compared to August 2019 when Motor Fuel Tax collections totaled roughly $156.1 million.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections decreased by $5.7 million, or -15.8%, compared to last year while Title ad Valorem Tax (TAVT) collections totaled nearly $60.7 million for a decrease of roughly $10.9 million, or -15.2% compared to the previous fiscal year.

  • Associated Categories: Homepage, Business News, Local/State News
  • Associated Tags: Georgia economy, Gov. Brian Kemp , state revenue, state tax collections
© Copyright 2023
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
City of Cornelia dealing with ransomware attack
The City of Cornelia received an unwanted gift in the form of ransomware over the Christmas weekend.
6:14PM ( 2 years ago )
GDOL: November jobless rate rises in Gainesville, labor force grows
A year ago, the unemployment rate in the Gainesville metro was 2.2%, but in the throes of the COVID-19 pandemic, that number has grown to 3.5% for November 2020.
8:00AM ( 2 years ago )
AAA: Georgia gasoline prices rise 4-cents in one week
Georgia gas prices increased at the pump compared to a week ago, according to this week's fuel price report from AAA.
5:42AM ( 2 years ago )
Business News
Loeffler, Perdue host New Year’s Eve concert with country music star Riley Green
The campaigns of Senators Kelly Loeffler and David Perdue hosted an early vote concert featuring country music star Riley Green this afternoon at the Chicopee Agricultural Center in Gainesville, only days before the January 5 runoff election.
8:30PM ( 2 years ago )
Local Department of Public Health limits who can get a COVID-19 test
New covid testing requirements have been released for all health departments in District 2, which covers the counties of Banks, Dawson, Forsyth, Habersham, Hall, Lumpkin, White and other surrounding counties, as well.
6:40PM ( 2 years ago )
Driver seriously injured after colliding with box truck in Jackson County
An early morning crash in Jackson County shut down US129 for several hours and seriously injured one victim.
5:36PM ( 2 years ago )
Local/State News
Economy likely to be top issue in 2020 General Assembly
How to deal with dwindling tax revenues even as the Georgia’s economy is booming likely will be the top issue lawmakers face when the General Assembly convenes in January, Hall County legislators said Thursday.
10:50AM ( 3 years ago )
Kemp says Georgia's economy 'on a roll'
Gov. Brian Kemp said Friday the state’s economy is continuing to grow and should be able to handle a downturn, should one occur.
12:55PM ( 3 years ago )
Eggs & Issues: Deal backs more technical college awards, film tax program
Gov. Nathan Deal wants lawmakers to expand a scholarship program available to technical college students studying to work in-demand jobs.
By Associated Press
12:20PM ( 7 years ago )
Calls to suspend gas taxes across U.S. grow as prices surge
Kemp on Tuesday said he wants to suspend the state's 29.1-cent-a-gallon gas tax because of rising prices, though details remain to be worked out in legislation introduced in the General Assembly.
By Associated Press
6:42AM ( 1 year ago )
Kemp signs into law Georgia district maps, 3 lawsuits follow
Gov. Brian Kemp on Thursday signed new maps for Georgia's congressional delegation, state Senate and state House into law, resulting in three immediate lawsuits challenging the maps, even as candidates gear up to run under the new lines.
By Associated Press
6:42AM ( 1 year ago )