Georgia’s economy remained strong through February, with net tax revenues up 4.1% year over year. The news comes as the amended budget for FY20 is about to move from conference committee to the floors of the House and Senate, with reasonable expectations that revenues for the full year ending in June can be met. Covid-19 remains a bit of a cloud on the economic horizon, but for the first 8 months of the year Georgia’s fiscal house appears to be in order.
From a press release:
Atlanta, GA – The State of Georgia’s net tax collections for February totaled roughly $1.35 billion for an increase of $54.9 million, or 4.2 percent, compared to February 2019 when net tax collections totaled $1.30 billion. Year-to-date net tax collections totaled $15.56 billion for an increase of $187.9 million, or 1.2 percent, compared to the previous fiscal year when net tax revenues totaled $15.37 billion.
Individual Income Tax: Individual Income Tax collections totaled $541.5 million, which was an increase of roughly $72.3 million, or 15.4 percent, compared to last year when Income Tax collections totaled $469.2 million. Individual Income Tax refunds issued – net of voided checks – were down $5.9 million, or -1.1 percent. Individual Withholding payments increased by $60.8 million, or 6.3 percent, compared to FY 2019. Individual Income Tax Return payments were up $9.4 million, or 73.9 percent, over last year. All other Individual Tax categories, including Estimated Tax payments, were down a combined $3.8 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled $964.9 million during the month for a decrease of $1.2 million, or -0.1 percent, compared to FY 2019. Net Sales and Use Tax decreased by $8.8 million, or -1.8 percent, compared to February 2019 when net sales tax totaled $478.2 million. The adjusted Sales Tax distribution to local governments totaled $489.1 million for an increase of nearly $5.8 million, or 1.2 percent, compared to the previous fiscal year. Lastly, Sales Tax Refunds increases by roughly $1.8 million, or 38.8 percent, compared to FY 2019.
Corporate Income Tax: Corporate Income Tax collections during the month totaled nearly $25 million for an increase of $7.6 million, or 44.1 percent, compared to FY 2019. Corporate Income Tax refunds issued – net of voids – were down $0.1 million, or -0.8 percent. Corporate Income Tax Return payments increased by $3.7 million, or 82.4 percent, over last year. All other Corporate Tax types, including Corporate Estimated Tax payments, were up a combined $3.8 million.
Motor Fuel Taxes: Motor Fuel Tax collections increased by $6.6 million, or 4.4 percent, compared to FY 2019.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees fell by nearly $3.5 million, or -8.6 percent, in February while Title Ad Valorem Tax (TAVT) collections decreased by $19.1 million, or -23.6 percent, from last year’s total of $80.9 million.
