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Georgia tax revenue increases more than $134 million in August

By AccessWDUN Staff
Posted 11:23AM on Thursday 10th September 2020 ( 3 years ago )

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.

http://accesswdun.com/article/2020/9/936980/georgia-tax-revenue-increases-more-than-134-million-in-august

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