Diana Pope, Director, Financing & Investment
State of Georgia Investor Relations
State of Georgia Investor Relations
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The State of Georgia’s net tax collections during the month of October totaled $2.53 billion, for a decrease of $89.7 million, or 3.4 percent, compared to FY 2024 when net tax collections totaled $2.62 billion for the month_._ Year to date, net tax revenue collections totaled almost $10.64 billion, for a decrease of $61.1 million, or 0.6 percent, compared to October 2023 when net tax collections totaled $10.7 billion.
Atlanta, GA – The State of Georgia’s net tax collections during the month of September approached $3.21 billion, for a decrease of $91.2 million, or 2.8%, compared to FY 2024 when net tax collections totaled almost $3.3 billion for the month_._ Year to date, net tax revenue collections totaled roughly $8.11 billion, for an increase of $29.5 million, or 0.4%, compared to September 2023 when net tax collections approached $8.08 billion.
The changes within the following tax categories account for September’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections during the month totaled nearly $1.44 billion, up from a total of almost $1.39 billion in fiscal year 2024, for an increase of $50.2 million or 3.6%.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections for September totaled roughly $1.55 billion, which was an increase of $36 million, or 2.4%, over FY 2024. Net Sales and Use Tax decreased by $52.5 million, or 6.4%, compared to September 2023 when net Sales Tax revenue totaled $820.2 million. The adjusted Sales Tax distribution to local governments totaled $773.7 million, which was an increase of $91.4 million, or 13.4%, from last year’s adjusted distribution total of $682.3 million. Sales Tax refunds decreased by roughly $2.9 million compared to FY 2024.
Corporate Income Tax: Corporate Income Tax collections for September decreased by nearly $90 million, or 13.1%, compared to last year, when net Corporate Tax revenues totaled $687.5 million.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $6.7 million, or 3.5%, compared to FY 2024 when motor fuel tax collections totaled $193.4 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for September rose by $0.2 million, or 0.7%, while Title ad Valorem Tax (TAVT) collections decreased by $2.6 million, or 3.2%, from FY 2024.
The State of Georgia’s net tax collections during the month of August totaled nearly $2.34 billion, an increase of $54.3 million or 2.4 percent compared to August 2023 (FY 2024), when net tax collections totaled $2.28 billion. Year to date, net tax revenue collections totaled $4.90 billion, for an increase of $120.6 million or 2.5 percent compared to FY 2024 when net tax collections totaled $4.78 billion after two months.
Atlanta, GA – The State of Georgia’s net tax collections for the first month of FY 2025 totaled $2.56 billion, an increase of $66.3 million or 2.7 percent over July 2023 (FY 2024), when net tax collections totaled almost $2.50 billion.
The changes within the following tax categories account for July’s overall net tax revenue increase:
Individual Income Tax:Individual Income Tax collections for the month decreased by $5.2 million or 0.4 percent, down from roughly $1.26 billion in July 2023 (FY 2024).
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections in July totaled nearly $1.60 billion, an increase of $68.3 million or 4.5 percent over FY 2024. Net Sales and Use Tax increased $36.8 million or 4.8 percent compared to July 2023, when net Sales Tax revenue totaled $772.2 million. The adjusted Sales Tax distribution to local governments totaled $776.7 million, an increase of $28.7 million over last year, while Sales Tax refunds increased by $2.9 or 42.9 percent compared to July FY 2024.
Corporate Income Tax: Corporate Income Tax collections for July totaled $123.9 million, an increase of $27.4 million or 28.4 percent from FY 2024, when net Corporate Tax revenues totaled $96.5 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for July increased by $8.2 million or 4.5 percent over July 2023, when Motor Fuel tax collections totaled $183.1 million for the month.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month increased by $3.6 million or 12.7 percent, while Title ad Valorem Tax (TAVT) collections decreased by $6.4 million or 8.7 percent compared to the previous fiscal year.
Atlanta, GA – The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month.
Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent compared to FY 2023, during which the state’s motor fuel excise tax was suspended for more than half the fiscal year, until January 10, 2023. Net of motor fuel tax changes, net revenues for the year-ended June 30 were down 3.4 percent from fiscal year 2023.
The State of Georgia’s net tax collections in April totaled $3.96 billion, for a decrease of $225.7 million or 5.4 percent compared to FY 2023, when net tax collections approached $4.19 billion for the month.
Year-to-date, net tax revenue totaled $27.45 billion, for a decrease of $341.3 million or 1.2 percent compared to the same ten-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended until January 10, 2023. Net of motor fuel tax changes, collection revenues for the ten months ended April 30 were down 4.6 percent from fiscal year 2023.
The changes within the following tax categories help to further explain April’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections totaled roughly $1.97 billion, for a decrease of $171.3 million or 8 percent compared to last year when Individual Tax collections totaled nearly $2.14 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $1.58 billion in April, for a decrease of $6.2 million or 0.4 percent compared to April 2023. Net Sales and Use Tax decreased by $24.6 million or 3 percent, compared to last year, when net sales tax totaled $823.4 million. The adjusted Sales Tax distribution to local governments totaled $765 million, for an increase of $8.6 million or 1.1 percent, while Sales Tax refunds increased by roughly $9.8 million or 179.6 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $748.1 million, which was an increase of roughly $3.7 million or 0.5 percent compared to FY 2023.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for the month of April increased by $3.1 million or 1.6 percent compared to FY 2023.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $3.2 million or 9.3 percent for the month, while Title Ad Valorem Tax (TAVT) collections declined by nearly $6.2 million or 7.8 percent from last year.
The State of Georgia’s net tax collections in March totaled $2.34 billion, for a decrease of $338.7 million or 12.6 percent compared to FY 2023, when net tax collections approached a total of $2.68 billion for the month.
Year-to-date, net tax revenue totaled $23.49 billion, for a decrease of $115.6 million or 0.5 percent from the same nine-month period in FY 2023, a period during which the state’s motor fuel excise tax was suspended. Net of motor fuel tax changes, revenues for the nine months ended March 31 were down 4.3 percent from this time a year ago.
The changes within the following tax categories help to further explain March’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections totaled $998.3 million, for a decrease of $191.2 million or 16.1 percent compared to last year, when Individual Tax collections totaled nearly $1.19 billion. This is in part attributable to the planned reduction in income tax rates effective January 1, 2024.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.42 billion for the month, which was an increase of $77.5 million or 5.8 percent compared to March 2023. Net Sales and Use Tax decreased by $29.7 million or 4.5 percent compared to last year, when net sales tax totaled $660.4 million. The adjusted Sales Tax distribution to local governments totaled $730.8 million, for an increase of $62.3 million or 9.3 percent, while Sales Tax refunds increased by $44.9 million or 284.7 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for March totaled $356.7 million, for a decrease of roughly $141 million or 28.3 percent compared to FY 2023.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $21.2 million or 13.5 percent over last year.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $4.8 million or 13.5 percent for the month, while Title Ad Valorem Tax (TAVT) collections increased by $5.3 million or 8.3 percent over last year.
The State of Georgia’s net tax collections in February totaled more than $2.03 billion, for a decrease of $92.3 million or 4.3 percent compared to FY 2023, when net tax collections totaled $2.12 billion for the month. Year-to-date, net tax revenue totaled roughly $21.15 billion, for an increase of $223.4 million or 1.1 percent over the same period in FY 2023, an increase that was driven principally by the collection of the state’s motor fuel excise tax, which was suspended during much of the first eight months of last year. Net of motor fuel tax changes, revenues for the eight months ended February 29 were down 3.1 percent from this time a year ago.
The changes within the following tax categories help to further explain February’s overall net tax revenue decrease.
Individual Income Tax: Individual Income Tax collections totaled $878.8 million, for a decrease of almost $205 million or 18.9 percent compared to last year when Individual Tax collections totaled $1.08 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled roughly $1.41 billion in February, for an increase of $43.4 million or 3.2 percent compared to February 2023. Net Sales and Use Tax increased by $20.3 million or 3.0 percent compared to last year, when net sales tax totaled $680.7 million. The adjusted Sales Tax distribution to local governments approached $706 million, for an increase of nearly $37.9 million or 5.7 percent, while Sales Tax refunds declined by $14.8 million or 65.1 percent compared to FY 2023.
Corporate Income Tax: Corporate Income Tax collections for February totaled $88.9 million, which was an increase of $40.7 million or 84.4 percent compared to last year.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $57.6 million or 48.4 percent over FY 2023, when Governor Kemp’s Executive Order to suspend the state excise tax was in effect through January 10, 2023.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $0.4 million or 0.9 percent for the month, while Title Ad Valorem Tax (TAVT) collections increased by $5.3 million or 7.5 percent over last year’s total of $70.5 million.
Atlanta, GA - Governor Brian P. Kemp, joined by First Lady Marty Kemp, Lieutenant Governor Burt Jones, Speaker Jon Burns, Appropriations Chairmen Matt Hatchett and Blake Tillery, other members of the General Assembly, and Office of Planning and Budget Director Rick Dunn today signed the Amended Fiscal Year (AFY) 2024 budget in a ceremony at the State Capitol.
The State of Georgia’s net tax collections in the month of January totaled $3.05 billion, for an increase of $62.7 million, or 2.1 percent, compared to January 2023 when net tax collections approached $2.99 billion for the month. Year-to-date, net tax revenue totaled $19.12 billion, for an increase of $315.7 million, or 1.7 percent, over the same period in FY 2023, an increase that was driven principally by the collection of the state’s motor fuel excise tax that was suspended during the first seven months of last year. Net of motor fuel tax changes, revenues for the seven months ended January 31 were down 2.7 percent from this time a year ago.
The changes within the following tax categories account for January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for January approached $1.67 billion, down from a total of nearly $1.67 billion in fiscal year 2023, for a decrease of $5.6 million or -0.3 percent.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.74 billion, for an increase of $11.7 million, or 0.7 percent, over FY 2023. Net Sales and Use Tax increased by $1.8 million or 0.2 percent compared to last year, when net Sales Tax totaled $869.1 million. The adjusted Sales Tax distribution to local governments totaled $859.6 million for an increase of $12.1 million, while Sales Tax refunds declined by $2.2 million.
Corporate Income Tax: Corporate Income Tax collections for the month decreased by $110 million, or -43.3 percent, compared to last year, when net Corporate Tax revenues totaled $254.2 million in January.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Monthly Motor Fuel Tax collections increased by $177.4 million over last year, when Governor Kemp’s Executive Order to suspend the state excise tax was in effect during the entire month of December, thereby eliminating the collection of the motor fuel excise tax in January.
Motor Vehicle – Tag, Title & Fees: Motor Vehicle Tag & Title Fee collections for the month decreased by $1.1 million or -2.7 percent, while Title ad Valorem Tax (TAVT) collections increased by $1.6 million or 2.4 percent from FY 2023.
The State of Georgia’s net tax collections in the month of December totaled nearly $3.05 billion, for a decrease of $159.1 million, or -5 percent, compared to December 2022, when net tax collections approached $3.21 billion for the month. Year-to-date, net tax revenue totaled roughly $16.1 billion, for an increase of $253 million, or 1.6 percent, over the same half-year stretch in FY 2023, an increase that was driven principally by the collection of the state’s motor fuel excise tax that was suspended during the first half of last year. Net of motor fuel tax changes, revenues for the six months ended December 31 were down 2.5 percent from this time a year ago.
Atlanta, GA – The State of Georgia’s net tax collections in the month of November totaled $2.32 billion for an increase of $33.7 million, or 1.5 percent, compared to November 2022, when net tax collections totaled almost $2.29 billion for the month. Year-to-date net tax revenues total $13.02 billion for an increase of $412.1 million, or 3.3 percent, over the same five-month period last year, driven principally by the collection of the state motor fuel tax that was suspended during much of the same period in 2022. Net of motor fuel tax changes, revenues for the five months ended November 30 were down 1.7 percent from this time a year ago.
Atlanta, GA – The State of Georgia’s net tax collections during the month of October totaled $2.62 billion, for a decrease of $84.4 million or 3.1 percent compared to October 2022, when net tax collections totaled nearly $2.71 billion for the month. $70.5 million of October’s tax revenue changes were the result of tax collected on motor fuel prior to the suspension of the state gas tax in September. Excluding Motor Fuel Tax revenues, all other October net tax collections decreased by 5.7 percent or $154.9 million compared to October 2022.
The State of Georgia’s net tax collections during the month of September totaled nearly $3.3 billion, for an increase of $199.1 million or 6.4 percent compared to September 2022, when net tax collections totaled almost $3.1 billion for the month. $199.8 million of September’s tax revenue changes were the result of the reinstatement of the Motor Fuel Excise Tax. Excluding Motor Fuel Tax revenues and prior year related local sales tax distribution adjustments made in the current fiscal year, all other September net tax collections decreased by 3.2 percent, or $97.8 million compared to September 2022.
Atlanta, GA – The State of Georgia’s tax collections during the month of August totaled $2.28 billion for a decrease of $25.4 million, or -1.1 percent, compared to August 2022 when net tax collections totaled nearly $2.31 billion. $181.6 million of August tax revenue changes were the result of the reinstatement of the Motor Fuel Excise Tax. Excluding Motor Fuel Tax revenues and prior year related local sales tax distributions made in August, all other net tax collections decreased by -4.8 percent, or $110 million, compared to August 2022.
Atlanta, GA – The State of Georgia’s net tax collections for the first month of FY 2024 totaled nearly $2.50 billion, for an increase of $289.3 million, or 13.1 percent, over July 2022 when net tax collections totaled almost $2.21 billion. $179.5 million of this increase, or 62 percent, was the result of the reinstatement of the Motor Fuel Excise Tax. Governor Kemp suspended the tax from March 18, 2022, through January 11, 2023, to help hardworking Georgians fight through 40-year high inflation. Excluding Motor Fuel Tax revenues, all other July 2023 net tax collections increased 5.0 percent, or $110 million over July 2022.
The State of Georgia’s net tax collections in June totaled $2.84 billion, for a decrease of $10.9 million, or -0.4 percent, compared to June 2022, when net tax collections totaled $2.85 billion. Year-to-date net tax collections totaled $33.13 billion, for an overall increase of $40.3 million, or 0.1 percent, compared to Fiscal Year 2022, when net tax revenues totaled $33.09 billion for the year.
The State of Georgia’s net tax collections in May totaled $2.49 billion, for a decrease of $205.7 million, or -7.6 percent, compared to May 2022 when net tax collections totaled almost $2.70 billion. Year-to-date net tax collections totaled roughly $30.29 billion, for an increase of $51.2 million, or 0.2 percent, compared to fiscal year 2022, when net tax revenues approached $30.24 billion as of the end of May.
The State of Georgia's net tax collections for April totaled $14.9 billion for a decrease of $829.5 million, or -16.5 percent, compared to April 2022, when net tax collections totaled $5.01 billion. Year-to-date, net tax collections totaled $27.79 billion for an increase of $256.9 million, or 0.9 percent, compared to the previous fiscal year, when net tax reveneues totaled $27.54 billion at the end of April 2022.
The State of Georgia’s net tax collections for March totaled almost $2.68 billion, for a decrease of nearly $83 million or -3 percent, compared to March 2022, when net tax collections totaled $2.76 billion. Year-to-date, net tax collections totaled nearly $23.61 billion, for an increase of roughly $1.09 billion or 4.8 percent, compared to last year, when net tax revenues totaled $22.52 billion at the end of the third quarter.
The State of Georgia’s net tax collections for February totaled over $2.12 billion, for an increase of $169.3 million, or 8.7 percent, compared to February 2022, when net tax collections totaled roughly $1.95 billion. Year-to-date, net tax collections totaled nearly $20.93 billion, for an increase of nearly $1.17 billion, or 5.9 percent, over FY 2022.
The State of Georgia’s net tax collections for January totaled nearly $2.99 billion, for an increase of $32.9 million, or 1.1 percent, compared to January 2022, when net tax collections totaled $2.95 billion. Year-to-date, net tax collections totaled roughly $18.81 billion, for an increase of almost $1 billion, or 5.6 percent, compared to FY 2022 when revenues totaled $17.81 billion at the end of January.
The changes within the following tax categories help further explain January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections decreased by a total of roughly $70.1 million, or -4 percent, compared to last year when Individual Tax collections totaled $1.74 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.73 billion, for an increase of $167.7 million, or 10.8 percent, over FY 2022. Net Sales and Use Tax increased by $78.4 million, or 9.9 percent, over last year, when net sales tax totaled $790.7 million. The adjusted Sales Tax distribution to local governments totaled $847.5 million, for an increase of $81.5 million, or 10.6 percent, compared to last year. Lastly, Sales Tax refunds increased by $7.8 million, or 353.3 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections totaled $254.2 million in January, for an increase of $178.3 million, or 234.9 percent, over last year when Corporate Tax collections totaled $75.9 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $166.9 million, or -98.7 percent, compared to last year, as a result of Governor Kemp’s Executive Orders to suspend the Motor Fuel Excise Tax through January 10th.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month increased by $5.8 million, or 16.9 percent, while Title Ad Valorem Tax (TAVT) collections increased by just $0.4 million, or 0.6 percent, compared to last year’s total of roughly $64.8 million.
The State of Georgia’s net tax collections in December totaled nearly $3.21 billion, for an increase of $224.9 million, or 7.5 percent, compared to December 2021 when net tax collections totaled $2.98 billion. Year-to-date, net tax collections totaled $15.82 billion, for an increase of $966.6 million, or 6.5 percent, over FY 2022 through six months.
The changes within the following tax categories account for December’s overall net tax revenue increase:
Individual Income Tax: Net Individual Income Tax collections totaled roughly $1.44 billion, for a decrease of $100.1 million, or -6.5 percent, compared to FY 2022 when net Individual Tax revenues totaled $1.54 billion.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.48 billion, for an increase of $108.3 million, or 7.9 percent, over last year’s total of $1.37 billion. Net Sales and Use Tax for the month increased by $52.2 million, or 7.5 percent, compared to December 2021, when net Sales Tax revenue totaled $694.8 million. The adjusted Sales Tax distribution to local governments totaled $729.6 million, for an increase of $59.1 million, or 8.8 percent, over FY 2022. Lastly, Sales Tax refunds decreased by $3.1 million, or 44.4 percent compared to the previous year.
Corporate Income Tax: Net Corporate Income Tax collections totaled $848.8 million, for an increase of $442.4 million, or 108.9 percent, over last year when net Corporate Tax revenues totaled $406.4 million in December.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for December decreased by $173.1 million, or -104.2 percent, compared to last year’s total of $166.1 million, as a result of Governor Kemp’s Executive Orders to extend the temporary suspension of the Motor Fuel Excise Tax until January 10th of 2023.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for December fell by $2.7 million, or -7.8 percent, compared to FY 2022 when Motor Vehicle fees totaled $34.4 million, while Title ad Valorem Tax (TAVT) collections increased by $5.7 million, or 9.9 percent, compared to last year’s total of $58.3 million.
Atlanta, GA – The State of Georgia’s net tax collections in November totaled almost $2.29 billion for a decrease of $2.4 million, or -0.1 percent, compared to November 2021 when net tax collections totaled just over $2.29 billion. Year-to-date, net tax revenue collections totaled $12.61 billion for an increase of $741.7 million, or 6.2 percent, over FY 2022.
The changes within the following tax categories account for November’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections for November totaled $1.28 billion, an increase of $55.8 million - or 4.6 percent - over FY 2022 when net Individual Tax revenues totaled roughly $1.22 billion.
The following notable components within Individual Income Tax combine for the net increase:
▪ Individual Income Tax refunds issued (net of voided checks) decreased by $16.5 million or -23.2 percent
▪ Individual Withholding payments increased by $33.5 million, or 2.8 percent, compared to FY 2022
▪ Individual Income Tax Return payments were up $17.7 million, or 78.9 percent, over last year
▪ All other Individual Tax categories, including Estimated Tax payments, were down a combined $11.9 million
Sales and Use Tax: Gross Sales and Use Tax collections for the month increased by $153.1 million, or 11.5 percent, to a total of $1.48 billion compared to a total of nearly $1.33 billion in FY 2022. Net Sales and Use Tax increased by $65.6 million, or 9.8 percent, compared to November 2021 when net Sales Tax revenue totaled $670.3 million. Lastly, the adjusted Sales Tax distribution to local governments totaled $739.6 million for an increase of $85.4 million, or 13.1 percent, compared to last year.
Corporate Income Tax: Net Corporate Income Tax collections increased by $39.5 million, or 358.1 percent, from last year when Corporate Tax revenues and refunds combined for a net total of -$11 million.
The following notable components within Corporate Income Tax make up the net increase:
▪ Corporate Tax refunds issued (net of voided checks) decreased by $34.6 million or -67.3 percent
▪ Corporate Income Tax Estimated payments were down $2.3 million, or -6.6 percent, from last year
▪ All other Corporate Tax payments, including Corporate Return payments, were up a combined $7.2 million
Motor Fuel Taxes: Motor Fuel Tax collections for November decreased by $172.5 million, or -99.4 percent, compared to last year’s total of $173.5 million, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month increased by $1.7 million, or 6.7 percent, compared to November 2021 when Motor Vehicle fees totaled $26 million, while Title ad Valorem Tax (TAVT) collections increased by roughly $5.2 million, or 8.5 percent, compared to a total of $60.8 million last year.
The State of Georgia’s net tax collections in October approached $2.71 billion for an increase of $230.2 million, or 9.3 percent, compared to October of FY 2022 when net tax collections totaled nearly $2.48 billion. Year-to-date, net tax revenue collections totaled $10.32 billion for an increase of $744 million, or 7.8 percent, over FY 2022.
The changes within the following tax categories account for October’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections in October totaled $1.56 billion for an increase of $243.3 million, or 18.4 percent, compared to FY 2022 when net Individual Tax revenues totaled nearly $1.32 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.49 billion in October for an increase of $183.1 million, or 14 percent, over FY 2022. Net Sales and Use Tax increased by $108.7 million, or 16.6 percent, compared to October 2021 when net Sales Tax revenue totaled $654.9 million. The adjusted Sales Tax distribution to local governments totaled $722.4 million for an increase of $80 million, or 12.5 percent, over the previous fiscal year.
Corporate Income Tax: Net Corporate Income Tax collections increased by $11.4 million, or 12 percent, compared to October 2021 when net Corporate Tax revenues totaled $95.1 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections in October decreased by $165.6 million, or -99 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax into mid-November.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections declined by $2.3 million, or -6.7 percent, compared to last year when Motor Vehicle fees totaled $35.3 million, while Title ad Valorem Tax (TAVT) collections increased by $3.1 million, or 4.6 percent, over last year’s total of $66.4 million.
Governor Brian P. Kemp announced that Georgia’s September net tax collections totaled almost $3.1 billion, for an increase of $279.2 million, or 9.9 percent, compared to FY 2022 when net tax collections approached $2.82 billion. Year-to-date, through the end of one quarter, net tax revenue collections totaled roughly $7.62 billion for an increase of $513.8 million, or 7.2 percent, through the end of this quarter.
The changes within the following tax categories account for September’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for September totaled $1.55 billion, for an increase of $130.2 million, or 9.2 percent, compared to FY 2022 when net Individual Tax revenues totaled $1.42 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.48 billion in September, for an increase of $184.9 million, or 14.3 percent, over last year. Net Sales and Use Tax increased by $95.4 million, or 14.6 percent, compared to FY 2022, when net Sales Tax revenue totaled $653.8 million. The adjusted Sales Tax distribution to local governments totaled $724.8 million, for an increase of $86.3 million, or 13.5 percent, over FY 2022. Lastly, Sales Tax refunds increased by $3.2 million, or 84.2 percent, compared to last year.
Corporate Income Tax: Net Corporate Income Tax collections totaled $603.9 million for the month, for an increase of $205.5 million, or 51.6 percent, over last year when net Corporate Tax revenues totaled $398.4 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for September decreased by $180.8 million, or -103.7 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Orders to extend the suspension of the Motor Fuel Excise Tax to provide Georgians relief at the pump as they face 40-year high inflation. Since the state tax on motor fuel was first suspended in March of this year, Georgians have saved approximately $800 million at the pump.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $0.4 million, or 1.3 percent, compared to September 2021 when Motor Vehicle fees totaled $30.9 million, while Title ad Valorem Tax (TAVT) collections were up $7.2 million, or 10.6 percent, compared to last year’s total of $67.7 million.
The State of Georgia’s net tax collections for August totaled nearly $2.31 billion for an increase of $180.4 million, or 8.5 percent, over August 2021 (FY 2022), when net tax collections approached $2.13 billion_._ Year-to-date, net tax revenue collections totaled roughly $4.52 billion after two months, for an increase of $234.6 million, or 5.5 percent, compared to FY 2022 as of the end of August.
The changes within the following tax categories account for August’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for August totaled $1.32 billion, which was an increase of $215.6 million, or 19.5 percent, over last year’s Individual Tax revenues.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections approached $1.48 billion for the month, which was an increase of $156.4 million, or 11.9 percent, over FY 2022. Net Sales and Use Tax increased $73.3 million, or 11.1 percent, compared to August 2021, when net Sales Tax revenue totaled $663.1 million. The adjusted Sales Tax distribution to local governments totaled $736.1 million, for an increase of $88.1 million, or 13.6 percent, over the previous fiscal year. Lastly, Sales Tax refunds decreased by $5.1 million, or -63.9 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections increased by $60.2 million, to a total of 62.3 million compared to August 2021, when net Corporate Tax revenues totaled $2.1 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for August decreased by $170.7 million, or -99.6 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Order, initiated on March 9th, to extend the suspension of the Motor Fuel Excise Tax into mid-October.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by nearly $2 million, or 5.7 percent, from a total of $34.2 million in August 2021, while Title ad Valorem Tax (TAVT) collections decreased by $2.3 million, or -3.4 percent, compared to the previous year.
The State of Georgia’s net tax collections during the first month of FY 2023 totaled nearly $2.21 billion for an increase of $54.2 million, or 2.5 percent, over July 2021 (FY ‘22), when net tax collections approached $2.16 billion_. _The changes within the following tax categories account for July’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month totaled $1.17 billion, up from almost $1.06 billion in July 2021, for an increase of $113.3 million or 10.7 percent.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections approached $1.51 billion in July, for an increase of $157.9 million, or 11.7 percent, over FY 2022. Net Sales and Use Tax increased nearly $69.2 million, or 10.1 percent, compared to July 2021, when net Sales Tax revenue totaled $687 million. The adjusted Sales Tax distribution to local governments totaled $748.4 million, for an increase of $87.4 million, or 13.2 percent, over last year. Lastly, Sales Tax refunds increased by $1.3 million, or 55.7 percent, compared to FY 2022.
Corporate Income Tax: Corporate Income Tax collections for July totaled $95 million, which was an increase of $36.5 million, or 62.3 percent, from FY 2022 when net Corporate Tax revenues totaled $58.5 million for July.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for the month of July decreased by $157.2 million, or -97.8 percent, compared to FY 2022, as a result of Governor Kemp’s Executive Order to extend the suspension of the Motor Fuel Excise Tax through mid-August.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections decreased by $4.6 million, or -13.9 percent, from a total of $33.2 million in July 2021, while Title ad Valorem Tax (TAVT) collections fell by $3.9 million, or -5.3 percent, compared to the previous fiscal year.
The State of Georgia’s June net tax collections totaled $2.85 billion for an increase of $354.2 million, or 14.2 percent, compared to June 2021 period, when net tax collections totaled $2.50 billion as of June 30, 2021. For the year-ended June 30, 2022, net tax collections totaled $33.09 billion for an overall increase of $6.19 billion, or 23 percent, compared to Fiscal Year 2021, during which final net tax revenues approached $26.90 billion.
Individual Income Tax: Net Individual Income Tax collections in June totaled almost $1.48 billion, for an increase of $181.1 million, or 14 percent, compared to FY 2021 when net Individual Tax revenues approached $1.30 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.46 billion, for an increase of $171 million, or 13.3 percent, over FY 2021, when gross sales tax totaled roughly $1.29 billion. Net Sales and Use Tax increased by $77.6 million, or 12 percent, up from last year’s total of $644.9 million. The Sales Tax distribution to local governments totaled $729.5 million, which was an increase of roughly $100 million, or 15.9 percent, while Sales Tax Refunds fell by a total of $6.6 million, or -46.7 percent, compared to June 2021.
Corporate Income Tax: Net Corporate Income Tax collections for the month totaled $479.4 million, which was an increase of $153.7 million, or 47.2 percent, over FY 2021 when net Corporate Tax revenues totaled $325.8 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for June decreased by roughly $56.8 million, or -99.5 percent, from a total of $57.1 million last year, when motor fuel tax collections were impacted by a supply shortage caused by the May 7, 2021 cyber-attack on critical fuel line infrastructure across the southeast. The current year decrease is the result of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax through mid-August.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $2.3 million, or -7.2 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by nearly $2.3 million, or 3.3 percent, over FY 2021.
Atlanta, GA – The State of Georgia’s net tax collections for May totaled almost $2.70 billion, for an increase of $41.8 million, or 1.6 percent, compared to May 2021, when net tax collections approached $2.66 billion. Year-to-date, net tax collections totaled nearly $30.24 billion, for an increase of $5.84 billion, or 23.9 percent, compared to fiscal year 2021, when net tax revenues totaled almost $24.40 billion as of the end of May.
Year-over-year comparisons of net tax collections for April and May are made difficult by the deferral of the previous year’s state tax filing deadlines for both quarterly and annual income taxes to May 17 rather than the traditional mid-April filing deadline set for most years. While annual revenue totals are comparable as of May 31, net revenue totals in the current month’s year-over-year comparison are not aligned as a result of the FY 2021 filing deadline shift into May.
The changes within the following tax categories help further explain May’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by $90.5 million, or 5.8 percent, to a total of roughly $1.66 billion compared to last year, when Income Tax collections approached $1.57 billion. The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were down $264.8 million, or 66.5 percent
• Individual Withholding payments increased by $175 million, or 17.4 percent, over fiscal year 2021
• Individual Income Tax Return payments were down $370.3 million, or 42.5 percent, from May 2021
• All other Individual categories, including Non-Resident Return payments, were up a combined $21 million
Sales and Use Tax: Gross Sales and Use Tax collections during the month totaled $1.44 billion, for an increase of $153.8 million, or 11.9 percent, over the previous year. Net Sales and Use Tax increased by $69.4 million, or 10.5 percent, from May 2021, when net sales tax totaled $657.7 million. The adjusted Sales Tax distribution to local governments totaled $711.7 million, for an increase of $85.8 million, or 13.7 percent, compared to last year. Lastly, Sales Tax refunds decreased by $1.4 million, or 31.7 percent, compared to May 2021.
Corporate Income Tax: Corporate Income Tax collections increased by $27.5 million, or 53.8 percent, compared to FY 2021, when Corporate Tax collections totaled $51.2 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were down $10.3 million, or 42.8 percent
• Corporate Income Tax Return payments increased by $17.6 million, or 138.9 percent, over FY ‘21
• All other Corporate Tax categories, including Corporate Estimated payments, were down $0.4 million
Motor Fuel Taxes: Motor Fuel Tax collections for May decreased by $168.9 million, or 99.3 percent, from FY 2021, as a result of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax through mid-July.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $2.7 million, or 8.7 percent, while Title Ad Valorem Tax (TAVT) collections declined by $4.6 million, or 6.2 percent, compared to last year, when TAVT totaled $73.8 million in FY 2021.
The State of Georgia’s net tax collections for April totaled $5.01 billion, for an increase of $2.21 billion, or 78.9 percent, compared to April 2021, when net tax collections totaled $2.80 billion. Year-to-date, net tax collections totaled almost $27.54 billion, for an increase of nearly $5.80 billion, or 26.7 percent, compared to the previous fiscal year when net tax revenues totaled $21.74 billion as of the end of April 2021.
Current year-over-year comparisons of state net tax collections for April and May are made difficult by the deferral of the previous year’s state tax filing deadlines for both quarterly and annual income taxes to May 17th rather than the traditional mid-April filing deadline set for most years. While annual revenue totals will be comparable as of May 31st, the current monthly year-over-year comparison to fiscal year 2021 will be incomplete because of the filing deadline shift in 2021 to May.
The changes within the following tax categories help further explain April’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by $1.94 billion, or 158.7 percent, to a total of roughly $3.16 billion compared to last year, when Income Tax collections totaled $1.22 billion. The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were up $554.3 million, or 123.8 percent
• Individual Withholding payments increased by $77.7 million, or 7.1 percent, over April 2021
• Individual Income Tax Return payments were up $2,162.6 million, or 774.6 percent, versus FY 2021
• All other Individual categories, including Non-Resident Return payments, were up a combined $254.3 million
Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled nearly $1.54 billion, for an increase of $187.1 million, or 13.8 percent, over FY 2021. Net Sales and Use Tax increased by $91.8 million, or 12.9 percent, from April 2021, when net sales tax totaled $712.6 million. The adjusted Sales Tax distribution to local governments totaled $729.7 million, for an increase of $105.5 million, or 16.9 percent, compared to last year. Lastly, Sales Tax refunds decreased by $10.2 million, or 71.6 percent, compared to April 2021.
Corporate Income Tax: Corporate Income Tax collections increased by nearly $257.9 million, or 56.9 percent, compared to FY 2021, when Corporate Tax collections totaled $453.3 million for the month. The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were up $10.4 million, or 188.7 percent
• Corporate Income Tax Estimated payments increased by $191.8 million, or 75 percent, over FY ‘21
• Corporate Income Tax Return payments increased by $55.7 million, or 30 percent, versus April 2021
• All other Corporate Tax categories, including Corporate Return payments, were up a combined $20.8 million
Motor Fuel Taxes: Motor Fuel Tax collections for April decreased by $68.6 million, or 39.5 percent, from FY 2021, because of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax beginning on March 18th through the end of May.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by nearly $6.4 million, or 16.2 percent, while Title Ad Valorem Tax (TAVT) collections increased by almost $6 million, or 8.4 percent, compared to last year, when TAVT totaled almost $71 million in April.
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.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: 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.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: 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. The adjusted Sales Tax distribution to local governments totaled $628.2 million, for an increase of $115.3 million, or 22.5 percent, compared to last year. Lastly, Sales Tax refunds decreased by $5.1 million, or -57.7 percent, compared to March 2021.
Corporate Income Tax: 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.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $12.6 million, or 8.8 percent, over March FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees rose by $1.5 million, or 4.1 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 6.3 percent, compared to the previous March, when TAVT totaled almost $57 million.
The State of Georgia’s net tax collections for February totaled over $1.95 billion, for an increase of $19.8 million, or 1 percent, compared to February 2021, when net tax collections totaled roughly $1.93 billion. Year-to-date, net tax collections totaled nearly $19.76 billion, for an increase of $2.72 billion, or 16 percent, over February of FY 2021.
The changes within the following tax categories help to further explain February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $992.4 million, which was a decrease of $72.6 million, or 6.8 percent, compared to last year when Income Tax collections totaled over $1.06 billion.
The following notable components within Individual Income Tax combine for the net decrease:
• Individual Income Tax refunds issued (net of voided checks) were up $184.6 million or 148.3 percent
• Individual Withholding payments increased by $75.8 million, or 6.8 percent, over last year
• Individual Income Tax Return payments were up $10.8 million, or 48.6 percent, from FY 2021
• All other Individual Tax categories, including Non-Resident Return payments, were up a combined $25.4 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.24 billion in February, for an increase of $152.4 million, or 14 percent, compared to February 2021. Net Sales and Use Tax increased by roughly $69.7 million, or 12.8 percent, compared to FY 2021, when net sales tax totaled $545.9 million. The adjusted Sales Tax distribution to local governments totaled $620 million, which was an increase of $79.2 million, or 14.6 percent, while Sales Tax refunds increased by $3.5 million, or 81.7 percent, over last year.
Corporate Income Tax: Corporate Income Tax collections during the month totaled nearly $10 million, for an increase of roughly $2.3 million, or 29.2 percent, compared to February 2021.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voided checks) were up $20 million or 104.8 percent
• Corporate Income Tax Estimated payments increased by $12 million, or 82.3 percent, over last year
• All other Corporate Tax types, including Corporate Return payments, were up a combined $10.3 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $3.5 million, or 2.3 percent, compared to FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by $0.4 million, or -0.9 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $3.4 million, or 5.8 percent, from last year’s total of $58.1 million.
Atlanta, GA – The State of Georgia’s net tax collections for January totaled roughly $2.95 billion, for an increase of $423.5 million, or 16.7 percent, compared to January 2021, when net tax collections totaled $2.53 billion. Year-to-date, net tax collections approached $17.81 billion, for an increase of roughly $2.70 billion, or 17.9 percent, compared to the previous fiscal year when net tax revenues totaled $15.10 billion through the end of January.
The changes within the following tax categories help further explain January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by a total of almost $302 million, or 21 percent, compared to last year when Income Tax collections approached $1.44 billion.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) increased by $6.6 million, or 15.3 percent
• Individual Withholding payments increased by $149 million, or 13.5 percent, from January 2021
• Individual Income Tax Estimated payments were up $85.5 million, or 33.1 percent, over FY 2021
• All other Individual Tax categories, including Tax Return payments, were up a combined $74.1 million
Sales and Use Tax: Gross Sales and Use Tax collections for January totaled nearly $1.56 billion, for an increase of $207.2 million, or 15.3 percent, over FY 2021. Net Sales and Use Tax increased by $100.2 million, or 14.5 percent, over last year, when net sales tax totaled $690.5 million. The adjusted Sales Tax distribution to local governments totaled almost $766 million, for an increase of $108.6 million, or 16.5 percent, compared to the previous year. Lastly, Sales Tax refunds decreased by $1.5 million, or 41.2 percent, compared to FY 2021.
Corporate Income Tax: Corporate Income Tax collections increased roughly $0.2 million, or 0.2 percent, from the previous year, in which Corporate Tax collections totaled $75.7 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds issued (net of voids) increased by $26.3 million, or 233.1 percent
• Corporate Income Tax Estimated payments for the month increased by $18.5 million, or 35.9 percent
• All other Corporate Tax types, including Tax Return payments, were up a combined $8 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $11 million, or 7 percent, over January 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month rose by $2.5 million, or 7.9 percent, while Title Ad Valorem Tax (TAVT) collections increased by $5.9 million, or 10 percent, compared to last year’s January total of $58.9 million.
Atlanta, GA – The State of Georgia’s net tax collections in December totaled $2.98 billion, for an increase of $582.9 million, or 24.3 percent, compared to December 2020 when net tax collections totaled $2.40 billion. Year-to-date, net tax revenue collections totaled $14.85 billion, for an increase of $2.28 billion, or 18.1 percent, over FY 2021 after six months.
The changes within the following tax categories account for December’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for December increased by $297.1 million, or 23.9 percent, compared to December 2020 when net Individual Tax revenues totaled $1.24 billion.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) decreased by $13.4 million or -24.6 percent
• Individual Withholding payments increased by $202.6 million, or 17.1 percent, compared to last year
• Individual Income Tax Non-Resident Return payments increased $52.7 million, or 169.7 percent, over last year
• All other Individual Tax categories, including Estimated Return payments, were up a combined $28.4 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.37 billion, for an increase of $243.4 million, or 21.6 percent, over last year’s total of nearly $1.13 billion. Net Sales and Use Tax for the month increased by roughly $120.2 million, or 20.9 percent, compared to last year, when net Sales Tax revenue totaled $574.5 million. The adjusted Sales Tax distribution to local governments totaled $670.4 million, for an increase of $120.9 million, or 22 percent, over FY 2021. Lastly, Sales Tax refunds increased by $2.2 million, or 48.2 percent compared to FY 2021.
Corporate Income Tax: Net Corporate Income Tax collections increased by $125.5 million, or 44.7 percent, up from FY 2021 when net Corporate Tax revenues totaled $280.9 million in December.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voided checks) decreased by $5.1 million or -21.4 percent
• Corporate Income Tax Estimated Return payments were up $82.8 million, or 33.9 percent, over last year
• All other Corporate Tax payments, including Corporate Return payments, were up a combined $37.6 million
Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $17 million, or 11.4 percent, over last year’s December total of $149.1 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for December increased by $2.1 million, or 6.5 percent, compared to FY 2021 when Motor Vehicle fees totaled $32.3 million. Title ad Valorem Tax (TAVT) collections increased by roughly $7 million, or 13.7 percent, compared to last year’s total of $51.2 million.
The State of Georgia’s net tax collections in November totaled $2.29 billion, for an increase of $332.7 million, or 17 percent, compared to November 2020, when net tax collections totaled $1.96 billion. Year-to-date, net tax revenue collections totaled $11.87 billion, for an increase of nearly $1.70 billion, or 16.7 percent, over FY 2021.
The changes within the following tax categories account for November’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for November totaled $1.22 billion, which was an increase of $195.4 million, or 19 percent, over last year when net Individual Tax revenues totaled $1.03 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $208.6 million, or 18.6 percent, to a total of almost $1.33 billion, up from the previous year’s total of 1.12 billion. Net Sales and Use Tax increased by $154.5 million, or 30 percent, compared to November 2020, when net Sales Tax revenue totaled $515.8 million. The adjusted Sales Tax distribution to local governments totaled $654.2 million, which was an increase of $57.6 million, or 9.7 percent, over last year. Lastly, Sales Tax refunds declined by $3.5 million, or -45.8 percent, from FY 2021.
Corporate Income Tax: Net Corporate Income Tax collections decreased by $26.6 million, or -171 percent, compared to FY 2021, when net Corporate Tax revenues totaled $15.5 million in November 2020.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections for November increased by $13.4 million, or 8.4 percent, from last year’s monthly total of $160.1 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for the month fell by $1.5 million, or -5.5 percent, compared to November 2020 when Motor Vehicle fees totaled $27.5 million. Title ad Valorem Tax (TAVT) collections increased by nearly $3.3 million, or 5.7 percent, compared to last year’s total of $57.5 million.
The State of Georgia’s net tax collections in October approached $2.48 billion, for an increase of $460.7 million, or 22.9 percent, compared to October 2020, when net tax collections totaled roughly $2.02 billion. Year-to-date, net tax revenue collections totaled nearly $9.58 billion, for an increase of $1.36 billion, or 16.6 percent, over FY 2021.
The changes within the following tax categories account for October’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for October totaled almost $1.32 billion, for an increase of $279.8 million, or 26.9 percent, compared to FY 2021 when net Individual Tax revenues totaled $1.04 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $184.6 million, or 16.4 percent, from last year’s total of $1.12 billion. Net Sales and Use Tax increased by $80 million, or 13.9 percent, compared to FY 2021, when net Sales Tax revenue totaled $574.9 million. The adjusted Sales Tax distribution to local governments totaled $642.4 million, for an increase of $108.9 million, or 20.4 percent, over the previous year. Lastly, Sales Tax refunds fell by $4.3 million, or -29.7 percent, compared to October 2020.
Corporate Income Tax: Net Corporate Income Tax collections increased by $42.6 million, or 81.2 percent, compared to the previous fiscal year, when net Corporate Tax revenues totaled roughly $52.5 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by nearly $13.8 million, or 9 percent, up from a total of $153.5 million in FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $1 million, or 3 percent, compared to October 2020 when Motor Vehicle fees totaled $34.2 million, while Title ad Valorem Tax (TAVT) collections increased by $7.3 million, or 12.3 percent, compared to last year’s total of $59.2 million.
Gov. Brian Kemp announced today that Georgia’s September net tax collections totaled nearly $2.82 billion, for an increase of $655 million, or 30.3 percent, compared to last year when net tax collections totaled $2.16 billion. Year-to-date and through the end of one quarter, net tax revenue collections totaled $7.10 billion, for an increase of $903.7 million, or 14.6 percent, compared to FY 2021.
The changes within the following tax categories account for September’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for September totaled $1.42 billion, for an increase of $165.9 million, or 13.2 percent, compared to FY 2021 when net Individual Tax revenues approached $1.26 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections totaled nearly $1.3 billion in September, for an increase of $198.5 million, or 18.1 percent, over last year. Net Sales and Use Tax increased by $334.6 million, or 104.8 percent, compared to FY 2021, when net Sales Tax revenue totaled just $319.2 million. FY 2021 net Sales Tax collections were lower due to a one-time audit adjustment to re-state previously incorrect Sales Tax allocations for returns captured during an extensive audit review period completed last fall.
Conversely, the monthly Sales Tax distribution to local governments was higher due to the DOR audit, with a total of $768.3 million in FY 2021, resulting in a favorable year-over-year decrease of $129.8 million, or -16.9 percent, in the current year (FY 2022) comparison to September 2020. Lastly, Sales Tax refunds decreased by $6.4 million, or -62.9 percent, compared to September FY 2021.
Corporate Income Tax: Net Corporate Income Tax collections increased by $133.5 million, or 50.4 percent, over last year when net Corporate Tax revenues totaled $264.9 million in September.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $14.5 million, or 9.1 percent, up from a total of $159.8 million in September FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $0.6 million, or 1.9 percent, compared to September 2020 when Motor Vehicle fees totaled $30.3 million, while Title ad Valorem Tax (TAVT) collections were up $9.6 million, or 16.5 percent, compared to last year’s total of $58.1 million.
The State of Georgia’s net tax collections in the first month of FY 2022 approached $2.16 billion for an increase of $8.7 million, or 0.4 percent, compared to July 2020 (FY 2021), when net tax collections totaled roughly $2.15 billion. Gross tax revenue receipts in July totaled $2.92 billion, for an increase of $187.2 million, or 6.8 percent, over July 2020, when gross tax revenue totaled $2.73 billion.
The State of Georgia’s June net tax collections totaled $2.50 billion for an increase of $563.1 million, or 29.1 percent, compared to June 2020 when net tax collections totaled nearly $1.94 billion as of June 30, 2020. For the year-ended June 30, 2021, net tax collections totaled almost $26.90 billion for an increase approaching $3.20 billion, or 13.5 percent, compared to Fiscal Year 2020 (FY ’20), when the final net tax revenues – adjusted as of August 7, 2020, to include deferred FY ’20 related tax deadline payments received in July of FY ’21 – totaled $23.70 billion.
FY 2020 net collection revenues were adjusted to include a total of $952.7 million – $703.8 million in net Individual Tax payments and $248.9 million in net Corporate Tax payments – tax filing deadline payments that were received in July 2020, but specifically identified as applicable to FY ‘20. The initial year-end reporting of FY ‘20 net collections (as of June 30) was not final due to the deferral of the state tax filing deadline in accordance with federal tax filing guidelines that shifted the 2019 individual and corporate tax year payment deadlines to July 15, 2020. The state’s concurrence with last year’s payment deadline shift substantiated a one-time revenue accrual of FY ’20 related tax filing receipts received after the traditional close of the fiscal year, thereby ensuring proper revenue recognition for the purpose of providing an appropriate successive year financial comparison with both FY 2019 (presented August 7, 2020) and the recently completed FY 2021, as of June 30 (July 2021 press release).
A
The State of Georgia’s April net tax collections totaled more than $2.80 billion for an increase of $963.7 million, or 52.4 percent, compared to April 2020 when net tax collections totaled almost $1.84 billion. Year-to-date, net tax collections totaled $21.74 billion for an increase of nearly $2.51 billion, or 13.1 percent, compared to the previous fiscal year when net tax revenues totaled $19.23 billion after ten months.
Year-over-year comparisons of state net tax collections for the spring quarter of April-June are made difficult by the 2020 deferral of state tax filing deadlines for quarterly and annual income taxes to July 15, 2020 and the 2021 deferral of the annual individual income tax filing deadline to May 17th. While annual totals as of June 30th will be comparable, monthly year-over-year comparisons may not be appropriate since financial results were impacted by the economic implications of the Coronavirus pandemic and the aforementioned shifting of return filing deadlines.
Individual Income Tax: Net Individual Income Tax collections for the month totaled $1.22 billion, for an increase of $371 million, or 43.6 percent, compared to April 2020 when net Individual Tax revenues totaled $851.7 million.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) increased by $128.9 million or 40.4 percent
• Individual Withholding payments increased by $103.1 million, or 10.5 percent, compared to last year
• Individual Income Tax Return payments were up $175.1 million, or 168.1 percent, over FY 2020
• All other categories, including Estimated income tax payments, were up a combined $221.7 million
Sales and Use Tax: Gross Sales and Use Tax collections for April increased by $355.3 million, or 35.7 percent, to a total of $1.35 billion for the month. Net Sales and Use Tax increased by $220.5 million, or 44.8 percent, compared to last year, when net sales tax totaled $492.1 million. The adjusted Sales Tax distribution to local governments totaled $624.2 million for an increase of $132.8 million, or 27 percent, while Sales Tax Refunds increased by nearly $2 million, or 16.2 percent, compared to FY 2020.
Corporate Income Tax: Net Corporate Income Tax collections totaled $453.3 million in April, for an increase of $362 million, or 396.2 percent, over last year when net Corporate Tax revenues totaled $91.4 million.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Income Tax refunds (net of voids) decreased by $5.5 million, or -50 percent, compared to FY 2020
• Corporate Income Tax Estimated payments were up $188.3 million, or 279.4 percent, compared to last year
• Corporate Income Tax Return payments increased by $157.9 million, or 572.9 percent, over April 2020
• All other Corporate Tax categories, including S-Corp tax payments, were up a combined $10.3 million
Motor Fuel Taxes: Motor Fuel Tax collections were down $64.8 million, or -27.2 percent, compared to last year on account of a large, one-time settlement payment that resulted from ongoing audit activities during FY 2020.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees rose by $18.2 million, or 85.1 percent, in April, while Title Ad Valorem Tax (TAVT) collections increased by $19.5 million, or 38 percent, compared to FY 2020.
The State of Georgia’s net tax collections for March totaled nearly $1.90 billion for an increase of almost $67 million, or 3.7 percent, compared to March 2020, when net tax collections totaled $1.83 billion. Year-to-date, total net tax collections approached $18.94 billion, for an increase of roughly $1.55 billion, or 8.9 percent, compared to FY 2020 when net tax revenues totaled $17.39 billion after nine months.
The deferred commencement of Individual Income tax return processing – concurrent with the Internal Revenue Service (IRS) guidance that directed the acceptance and processing of 2020 Individual tax year returns beginning February 12, 2021 – delayed income tax refund processing and contributed significantly to the highly favorable net tax collection revenue variance reported in February. Subsequently, an acceleration of refund processing in the March reporting period reduced the impact of the refund processing delay on year-to-date net revenue collections.
February Net Tax Revenues Top $1.9 billion
The State of Georgia’s net tax collections for February totaled over $1.93 billion, for an increase of $581 million, or 42.9 percent, compared to February 2020, when net tax collections totaled $1.35 billion. Year-to-date, net tax collections totaled nearly $17.04 billion, for an increase of almost $1.48 billion, or 9.5 percent, over last year, while year-to-date gross tax collections totaled $22.62 billion, for an increase of $1.38 billion or 6.5 percent over FY 2020.
February’s net tax collections growth was greatly influenced by the State of Georgia’s concurrence with the Internal Revenue Service (IRS) guidance that directed the acceptance and processing of 2020 Individual tax year returns beginning February 12, 2021. This deferred commencement of tax returns processing led to a corresponding delay in tax refunds, which yielded an extraordinarily favorable net revenue variance within the Individual Income Tax category and in net revenue collections overall. This highly favorable variance is depicted in the section below detailing notable year-over-year variances within the Individual Income Tax category. Over the next several months refund processing will be accelerated, which will moderate the disproportionately favorable impact on the financial results reported in February and mitigate the large, short-term impact of the processing delay.
Atlanta, GA – Today, Governor Brian P. Kemp joined Lt. Governor Geoff Duncan and other legislative leaders to sign the amended fiscal year 2021 budget.
"Today, I am signing a budget that reflects our values as a state. By restoring education funding, making key investments in expanding internet access, prioritizing public health, giving 57,000 state employees a well-deserved bonus, and spurring economic development in every corner of our state, this budget ensures Georgia will continue being the best state to live, work, and raise a family. As other states look to furlough workers, cut essential services, or raise taxes, we acted early in the pandemic to budget conservatively and protect both lives and livelihoods. I thank Lt. Governor Duncan, Speaker Ralston, members of the General Assembly, and the House and Senate budget staffs who worked closely with my office to get this budget across the finish line. By working together, we will make sure Georgia's best days are still ahead." - Governor Brian Kemp
“While other states continue to make budget cuts, or are preparing for looming deficits, Georgia is a testament that states can prioritize both lives and livelihoods. This amended budget not only restores critical funding, but provides a foundation for continued growth – even in the midst of the coronavirus pandemic. Georgians should be proud of the teamwork their state leaders exhibited to get this budget to the finish line. I want to thank Chairman Tillery, and the Senate Budget staff, who worked tirelessly to ensure a conservative, balanced budget." - Lt. Governor Geoff Duncan
“Working together, we have arrived at an amended budget that prioritizes the state’s response to COVID-19 and helping our people through this pandemic. We have allocated additional funding to the Department of Public Health for more staff and technology. We have added more than half a billion dollars to public schools, and we have provided teachers and many state employees with a $1,000 bonus to reward their efforts. With our AAA-bond rating and strong reserve fund, the nation’s #1 state for business continues to budget conservatively, and we can be proud that our budget reflects our shared commitment to keep Georgia healthy and growing. I want to thank Governor Kemp, Lt. Governor Duncan and the members of the Senate for working with Chairman Terry England and the rest of our House members on this budget.” - Speaker David Ralston
January Net Tax Revenues Up 7.5%
February 09, 2021
Atlanta, GA - The State of Georgia’s net tax collections for January totaled $2.53 billion, for an increase of $175.6 million, or 7.5 percent, compared to January 2020, when net tax collections approached $2.36 billion. Year-to-date net tax collections totaled $15.10 billion, for an increase of $898.1 million, or 6.3 percent, compared to the previous fiscal year, when net tax revenues totaled almost $14.21 billion.
October Net Tax Revenues Up 1.8 Percent
November 09, 2020
Atlanta, GA – The State of Georgia’s net tax collections in October totaled nearly $2.02 billion, for an increase of $35.2 million, or 1.8 percent, compared to last year when net tax collections totaled $1.98 billion. Year-to-date, net tax revenue collections totaled $8.21 billion, for an increase of $400.2 million, or 5.1 percent, compared to October FY 2020.
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.
January Net Tax Revenues Up 4.5%
February 18, 2020
Atlanta, GA - The State of Georgia’s net tax collections for January totaled nearly $2.36 billion for an increase of $100.8 million, or 4.5 percent, compared to January 2019 when net tax collections totaled $2.25 billion. Year-to-date net tax collections totaled roughly $14.21 billion for an increase of $133 million, or 0.9 percent, compared to the previous fiscal year, when net tax revenues totaled $14.07 billion.
Individual Income Tax: Individual Income Tax collections increased by a total of $56 million, or 4.3 percent, compared to last year when Income Tax collections totaled $1.3 billion. Individual Income Tax refunds issued - net of voided checks - were up $18.5 million, or 34.1 percent. Individual Withholding payments for the month increased by $43.8 million, or 4.2 percent. Individual Income Tax Return payments were up $12.3 million, or 91.7 percent, over FY 2019. All other Individual Tax categories, including Estimated Tax payments, were up a combined $18.4 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.24 billion, an increase of $56.5 million, or 4.8 percent, over January 2019. Net Sales and Use Tax increased by $27.7 million, or 4.6 percent, compared to last year when net sales tax totaled $599 million. The adjusted Sales Tax distribution to local governments totaled roughly $607.8 million, for an increase of $26.3 million, or 4.5 percent, over the previous year. Lastly, Sales Tax Refunds increased by nearly $2.5 million, or 43.2 percent, compared to FY 2019.
Corporate Income Tax: Corporate Income Tax collections totaled $50.1 million, which was an increase of $11 million, or 28.2 percent, over last year when Corporate Tax collections totaled approximately $39.1 million. Corporate Income Tax refunds issued - net of voids - were up $15.1 million, or 114.1 percent. Corporate Income Tax Return payments for the month increased by $23.6 million, or 174.6 percent. All other Corporate Tax types, including Corporate Estimated payments, were up a combined $2.5 million.
Motor Fuel Taxes: Motor Fuel Tax collections increased by $9.2 million, or 6.3 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $6.5 million, or 19.1 percent, during the month, whereas Title Ad Valorem Tax (TAVT) collections declined by $13.4 million, or -20.1 percent, from last year’s total of $66.9 million.
December Net Tax Revenues Up 3%
January 13, 2020
The State of Georgia’s December net tax collections totaled nearly $2.23 billion, for an increase of $65.8 million, or 3 percent, compared to the previous fiscal year, when net tax collections totaled roughly $2.16 billion. Year-to-date, net tax collections totaled $11.85 billion, for an increase of roughly $32.3 million, or 0.3 percent, compared to FY 2019 when net tax revenues totaled almost $11.82 billion.
The changes within the following tax categories help further explain December’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled nearly $1.16 billion, for an increase of $14.4 million, or 1.3 percent, compared to December 2018 when Income Tax collections totaled $1.14 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $15.4 million, or 1.5 percent, up from a total of $1.04 billion in FY 2019. Net Sales and Use Tax increased by approximately $0.2 million compared to last year when net sales tax totaled $526.1 million. The adjusted Sales Tax distribution to local governments totaled $524.1 million, for an increase of $21.2 million, or 4.2 percent, while Sales Tax Refunds fell by roughly $6 million, or -53.3 percent, from a total of $11.2 million in FY 2019.
Corporate Income Tax: Corporate Income Tax collections increased by nearly $66.5 million, or 36.9 percent, compared to FY 2019 when Corporate Tax collections totaled approximately $180 million for December.
The following notable components within Corporate Income Tax make up the net increase:
Corporate Income Tax refunds issued (net of voids) were up $16.9 million or 142.1 percent
Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $0.7 million, or 0.5 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $0.5 million, or -2 percent, compared to last year, while Title Ad Valorem Tax (TAVT) collections declined by almost $19 million, or -28.5 percent.
Kemp: November Net Tax Revenues Down 1.2%
December 06, 2019
The State of Georgia’s net tax collections in November totaled almost $1.81 billion, for a decrease of $22.4 million, or -1.2 percent, compared to FY 2019 when net tax collections totaled $1.83 billion. Year-to-date, net tax revenue collections totaled $9.62 billion, for a decrease of roughly $33.6 million, or -0.3 percent, compared to FY 2019.
The changes within the following tax categories account for November’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections for November declined by $31.3 million, or -3.4 percent, down from last year when net Individual Tax revenues totaled just over $932 million.
The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $45.2 million, or 4.5 percent, from last year’s total of 1.01 billion. Net Sales and Use Tax increased by $33.6 million, or 6.9 percent, compared to FY 2019, when net Sales Tax revenue totaled $488.7 million. The adjusted Sales Tax distribution to local governments totaled approximately $531 million, for an increase of $9.3 million, or 1.8 percent, over the previous year. Lastly, Sales Tax refunds increased by $2.3 million, or 165.1 percent, compared to November 2018.
Corporate Income Tax: Net Corporate Income Tax collections decreased by $23.1 million, or -85.1 percent, compared to FY 2019 when net Corporate Tax revenues totaled nearly $27.2 million in November.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections for the month fell by roughly $0.8 million, or -0.5 percent, from last year’s November total of $158.4 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November were down $4.7 million, or -15.1 percent, compared to FY 2019 when Motor Vehicle fees totaled roughly $30.9 million. Title ad Valorem Tax (TAVT) collections also declined by $14.8 million, or -20.6 percent, compared to last year’s total of $71.7 million.
Kemp: October Net Tax Revenues Down 1.6%
November 08, 2019
The State of Georgia’s net tax collections in October totaled $1.98 billion, for a decrease of $32.3 million, or -1.6 percent, compared to last year when net tax collections totaled roughly $2.01 billion. Year-to-date, net tax revenue collections totaled $7.81 billion, for a decrease of $11.2 million, or -0.1 percent, compared to October FY 2019.
The changes within the following tax categories account for October’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections for October increased by $1.2 million, or 0.1 percent, up from last year when net Individual Tax revenues totaled just over $1.05 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by nearly $62.2 million, or 6.3 percent, from last year’s total of $994.3 million. Net Sales and Use Tax decreased by $2.2 million, or -0.4 percent, compared to FY 2019, when net Sales Tax revenue totaled $525.1 million. The adjusted Sales Tax distribution to local governments totaled $528.1 million, for an increase of roughly $64.8 million, or 14 percent, over the previous fiscal year. Lastly, Sales Tax refunds fell by roughly $0.4 million, or -7.6 percent, compared to October 2018.
Corporate Income Tax: Net Corporate Income Tax collections increased by $11.3 million, or 18 percent, compared to October 2018, when net Corporate Tax revenues totaled roughly $62.4 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by nearly $0.7 million, or 0.5 percent, up from a total of $150.2 million in FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $2.3 million, or 7.2 percent, compared to October 2018 when Motor Vehicle fees totaled nearly $32.7 million. Title ad Valorem Tax (TAVT) collections, however
September Net Tax Revenue Up 0.7%
October 09, 2019
Atlanta, GA – The State of Georgia’s net tax collections in September totaled roughly $2.25 billion for an increase of $15.7 million, or 0.7 percent, compared to last year when net tax collections totaled $2.23 billion. Year-to-date, net tax revenue collections totaled $5.83 billion for an increase of $21.1 million, or 0.4 percent, compared to September Fiscal Year (FY) 2019.
August 2019 Net Tax Revenue Down 2.8%
September 11, 2019
Atlanta, GA – Georgia’s net tax collections for August totaled roughly $1.75 billion for a decrease of $50.3 million, or -2.8 percent, compared to August 2018 when net tax collections totaled just over $1.80 billion. Year-to-date, net tax revenue collections totaled nearly $3.59 billion for an increase of $5.4 million, or 0.2 percent, compared to FY 2019 after two months.
July Net Tax Revenues Up 3.1%
August 15, 2019
Atlanta, GA – The State of Georgia’s net tax collections in the first month of fiscal year 2020 totaled roughly $1.83 billion for an increase of $55.7 million, or 3.1%, compared to last year when net tax collections totaled almost $1.78 billion. July’s gross tax revenue receipts totaled $2.48 billion for an increase of $71.9 million, or 3%, over July 2018.
June Net Tax Revenues Up 7.4%
July 08, 2019
Atlanta, GA - Georgia’s June net tax collections totaled roughly $2.12 billion for an increase of $146 million, or 7.4%, compared to June 2018 when net tax collections totaled nearly $1.98 billion. Net tax collections for the fiscal year (FY) ended on June 30, 2019 and totaled $23.79 billion, which was an increase of nearly $1.09 billion, or 4.8%, compared to FY 2018 when net tax revenues totaled almost $22.71 billion.
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Atlanta, GA – Today Governor Brian P. Kemp announced Georgia again secured the highest ratings of AAA with a stable outlook from the three main credit rating agencies: Fitch, Moody’s, and Standard & Poor’s (S&P). Of the states that issue general obligation bonds, only nine currently meet this standard. Georgia’s upcoming general obligation bond sale will fund over $997 million in capital projects. The Peach State's AAA rating allows for the lowest possible interest costs when going to market next week.
“This announcement is great news for Georgia, demonstrating our commitment to fiscal balance and ensuring we can meet our present and future obligations. Maintaining the Peach State's AAA bond rating is one of my highest priorities as governor, and I am proud that we again secured this important distinction,” said Governor Kemp. “Our fiscal leadership means that our bonds are highly attractive to investors, and as a result, enables the state to save taxpayers millions of dollars each year with low interest rates for borrowing.
"This rating emphasizes the strength of our economy and shows companies that we are a well-managed, reliable state in which to invest.”
Fitch, Moody’s, and S&P cited the strength of Georgia’s economy with a positive employment trend, growth of the state’s rainy day fund, a balanced approach to primary revenue sources, and consistent funding of obligations as factors contributing to AAA ratings. The credit rating agencies’ individual ratings are Aaa, AAA and AAA, respectively, which are the highest ratings available and indicative of sound fiscal management.
Bond Rating Agency Report Excerpts
FitchRatings:
“Georgia's 'AAA' Long-term Issuer Default Rating (IDR) reflects the state's conservative debt management, proven willingness and ability to maintain fiscal balance and a broad-based and expanding economy with job growth outpacing national trends. The state proactively addressed weakened revenues during the great recession through steep spending cuts and draws from its rainy-day fund (the revenue shortfall reserve [RSR]). Since then, Georgia has maintained a conservative approach to fiscal management, by limiting spending growth and making progress in rebuilding the RSR balance. … Georgia’s long-term liability burden is low… While the state issues bonds regularly for capital needs, amortization of principal is rapid. Additionally, Georgia fully funds its actuarially determined contributions (ADCs) for pensions and the net pension liability is a low burden on resources.”
Moody’s Investors Service:
“Georgia's (Aaa stable) strong credit profile reflects relatively low debt and pension obligations and robust fiscal management and governance. … Georgia's economic growth has driven revenue growth … The revenue out-performance has strengthened Georgia's finances and has contributed to the persistent build-up in its rainy day fund, the revenue shortfall reserve. … Georgia's long-term liabilities are moderate, and unlikely to grow to a level that pressures the state's budget. … The state’s approach to debt management reflects Georgia’s commitment to maintaining an affordable debt burden. … Georgia's strong governance framework and financial management practices have helped to support the state's rating over many years.”
S&P Global Ratings:
“The AAA rating reflects our view of the state’s well-diversified and broad-based economic growth that is outpacing that of the nation; strong financial monitoring and oversight with a history of budget adjustments, mainly through expenditure reductions, to restore fiscal balance; additional flexibility provided by continued growth in the revenue shortfall reserve (RSR); moderate debt position bolstered by rapid amortization; and proactive management of long-term liabilities through full funding of the state's portion of pension contributions and the creation of other postemployment benefit (OPEB) fund reserves… Georgia’s credit fundamentals remain strong, anchored by continued economic growth.”
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May Net Tax Revenue Up 0.1%
Atlanta, GA - Georgia’s May net tax collections totaled almost $1.76 billion for an increase of just over $1 million, or 0.1 percent, compared to May 2018. Year-to-date, net tax collections totaled $21.67 billion for an increase of $940.7 million, or 4.5 percent, compared to the previous fiscal year (FY) when net tax revenues totaled nearly $20.73 billion.
The changes within these tax categories explain May’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $887.1 million for an increase of roughly $3.3 million, or 0.4 percent, compared to last year when Income Tax collections totaled $883.8 million.
These components within Individual Income Tax combine for the net increase:
▪ Individual Income Tax refunds issued (net of voided checks) were down $14.1 million, or -8.1 percent.
▪ Individual Income Tax Return payments were up $31.2 million, or 89.9 percent, over last year.
▪ Individual Withholding payments for the month decreased by $45.9 million or -4.7 percent.
▪ All other categories, including Estimated Income Tax payments, were up a combined $3.9 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled roughly $1.05 billion during the month for an increase of $69.3 million, or 7.1 percent, over May 2018. Net Sales and Use Tax increased by nearly $13.7 million, or 2.8 percent, compared to last year when net sales tax totaled $494.6 million. The adjusted Sales Tax distribution to local governments increased nearly $57.2 million, or 12.1 percent, from last year for a May distribution total of $530.3 million. Sales Tax Refunds decreased by $1.5 million, or -18.8 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections totaled $41.3 million, for an increase of $2.6 million, or 6.7 percent, over last year when corporate tax collections totaled $38.7 million.
The following components within Corporate Income Tax comprise the net increase:
▪ Corporate Income Tax refunds (net of voids) decreased by $4.5 million, or -32 percent, from last year.
▪ Corporate Income Tax Return payments increased by $12.9 million, or 106.2 percent, for the month.
▪ All other Corporate Tax types, including S-Corp tax payments, were down a combined $14.8 million.
Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $1.2 million, or 0.8 percent, compared to FY 2018.
Motor Vehicle - Motor Vehicle Tag & Title Fees fell by approximately $7.7 million, or -23.8 percent, while Title Ad Valorem Tax (TAVT) collections increased by roughly $3 million, or 4 percent, compared to May 2018.
Governor Kemp Signs Fiscal Year 2020 Budget
May 10, 2019
Atlanta, GA - Today, Governor Brian P. Kemp signed the fiscal year 2020 budget. Joined by lawmakers, law enforcement officials, educators, and local leaders in Camilla, Georgia, Governor Kemp's signature of the balanced budget caps a historic first legislative session.
"This budget demonstrates our priorities as a state, reflects our core values, and signals the bright future ahead for all Georgians," said Governor Kemp. "For the second year in a row, our state fully-funded public education. With the support of the General Assembly, this budget delivers a well-deserved - and long overdue - educator pay raise of $3,000, the largest in state history.”
"I am confident these bold investments will enhance educational outcomes and yield huge dividends for our students and our state in the future.
"The 2020 budget reaffirms our strong commitment to lead on healthcare and put patients - not the status quo - first. This year, we are supporting seven long-term, acute care hospitals, three rehabilitation facilities, and providing additional resources for residency spots for family physicians, while also expanding medical school class sizes at Augusta University and the University of Georgia by 50%. These investments are further supported by funds for a Center of Excellence on Maternal Mortality at the Morehouse School of Medicine.
"We have also included additional funding for children's health services, investments in behavioral health, additional meals for the elderly, and more resources for children in foster care.
"I ran for governor on a single promise: to put hardworking Georgians first. That's exactly what the 2020 budget does; it builds on our strengths, addresses the challenges ahead, and ensures opportunity for all Georgians - no matter where they live."
Lt. Governor Geoff Duncan:
“Eleven million Georgians expect our policies to enhance education, economic development, and health care. The FY 2020 budget – which passed the Georgia Senate unanimously – recognizes those priorities by fully funding our K – 12 education system, raising educator pay, promoting innovative approaches to technological learning, advancing health care reform measures, and funding programs which prepare our state for long-term success.
"I want to thank Governor Kemp, Speaker Ralston, and the Appropriations Chairmen in both chambers for their commitment and dedication to passing a priority-driven budget that will significantly improve the State of Georgia.”
Speaker David Ralston:
“The FY2020 budget reflects our commitment to investing for the future by upgrading our voting technology, funding infrastructure improvements and, especially, rewarding our dedicated teachers and state employees,” said Speaker Ralston. “Building off Governor Kemp’s vision of putting Georgians first and working with Lt. Governor Duncan, we have arrived at a budget that will keep Georgia winning.
"My thanks to House Appropriations Chairman Terry England and the members of his committee as well as their counterparts in the Senate for all their hard work on behalf of our General Assembly.”
Contact Information:
Cody Hall, Press Secretary cody.hall@georgia.gov
April Net Tax Revenues Up 24.2%
May 6, 2019
Atlanta, GA - Georgia’s April net tax collections totaled $2.87 billion for an increase of $559.7 million, or 24.2 percent, compared to April 2018 when net tax collections totaled $2.31 billion. Year-to-date, net tax collections totaled $19.91 billion for an increase of almost $939.7 million, or 5 percent, compared to the previous fiscal year when net tax revenues totaled $18.97 billion.
Changes in the following tax categories explain April’s net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled over $1.58 billion for an increase of $454.6 million, or 40.3 percent, compared to last year when Income Tax collections totaled nearly $1.13 billion.
These components within Individual Income Tax combine for the net increase:
▪ Individual Income Tax refunds issued (net of voided checks) declined by $40 million, or -6.5 percent.
▪ Individual Income Tax Return payments increased by $307.2 million, or 48.9 percent, compared to last year.
▪ Individual Withholding payments for the month were up $70.7 million, or 7.9 percent.
▪ All other categories, including Non-Resident income tax payments, increased a combined $36.7 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled just over $1.1 billion in April, which was an increase of $73.5 million, or 7.1 percent, over April 2018. Net Sales and Use Tax increased by roughly $30.5 million, or 5.6 percent, over last fiscal year when net sales tax totaled $544.1 million. The adjusted Sales Tax distribution to local governments totaled $524.8 million for an increase of $43.3 million, or 9 percent, over last year. Lastly, Sales Tax Refunds declined by roughly $0.3 million, or -7.1 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections totaled $310.4 million for an increase of $69.2 million, or 28.7 percent, over last year when corporate tax collections totaled $241.2 million.
These components within Corporate Income Tax comprise the net increase:
▪ Corporate Income Tax refunds (net of voids) increased by $1.1 million, or 5.4 percent over last year.
▪ Corporate Income Tax Estimated payments received were up $57.9 million, or 43.8 percent.
▪ Corporate Income Tax Return payments increased by $7.7 million, or 6.5 percent.
▪ All other Corporate Tax types, including S-Corp tax payments, were up a combined $4.7 million.
Motor Fuel Taxes: Motor Fuel Tax collections fell nearly $1.2 million, or -0.7 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $2.2 million, or 6.1 percent, in April while Title Ad Valorem Tax (TAVT) collections declined by $2.7 million, or -3.6 percent, compared to FY 2018.
Contact Information:
Cody Hall, Press Secretary cody.hall@georgia.gov
March Net Tax Revenues Up 7 percent
April 8, 2019
The State of Georgia’s net tax collections for March totaled nearly $1.67 billion for an increase of $109 million, or 7 percent, compared to March 2018, when net tax collections totaled almost $1.56 billion. Year-to-date, net tax collections totaled $17.04 billion for an increase of $380 million, or 2.3 percent, compared to the previous fiscal year, when net tax revenues totaled $16.66 billion through three quarters.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled almost $774 million, for an increase of
$64.1 million, or 9 percent, compared to last year when Income Tax collections totaled $709.8 million.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $59.3 million, or 6.7 percent, over last year’s total of $887.2 million. Net Sales and Use Tax increased by nearly $17.5 million, or 3.9 percent, over March 2018 when net sales tax totaled roughly $451 million. The adjusted Sales Tax distribution to local governments totaled $473.9 million for an increase of $48.7 million, or 11.4 percent, over last year. Lastly, Sales Tax Refunds fell by roughly $6.8 million, or -62.1 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections for March totaled nearly $109.3 million, which was an increase of $27.9 million, or 34.3 percent, over last year’s total of $81.4 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $3 million, or 2.2 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by $1.8 million, or -4.7 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $1.2 million, or 1.9 percent, over last year’s total of $62.6 million.
Kemp Signs Amended FY 2019 Budget
March 12, 2019
Atlanta, GA – Today at North Atlanta High School, Governor Brian P. Kemp signed the amended fiscal year 2019 budget, House Bill 30, for the State of Georgia. Accompanied by Lieutenant Governor Geoff Duncan, House Speaker David Ralston, Atlanta Public Schools Superintendent Meria Carstarphen, Principal Curtis Douglass, and legislative leaders, Governor Kemp outlined Georgia’s budget priorities to strengthen school security, invest in healthcare and public safety, and spur job growth in every corner of the state.
“Budgets are reflections of your values – your priorities for today and vision for tomorrow,” said Governor Kemp. “In Georgia, we value education, healthcare, public safety, and economic development. We have a heart for safer schools, better healthcare options, safer communities, and more jobs for hardworking Georgians. I am proud to sign the amended budget for fiscal year 2019 and have confidence these investments will yield big dividends for Georgians, young and old. Together, we will continue to ensure that Georgia’s best days are ahead.”
"On the campaign trail, we told Georgians that we would prioritize education, economic development, and health care," said Lt. Governor Geoff Duncan. "Today's amended FY 2019 budget honors those commitments while investing in relief efforts for Southwest Georgia and funding programs that will set our state up for long-term success. I'm appreciative of the work done by Governor Kemp, Speaker Ralston, and the Appropriations Chairmen in both chambers."
“This amended budget maintains our conservative, responsible approach to providing for the needs of a growing state,” said Speaker David Ralston. “Whether it is securing our school campuses to protect students and teachers or lending a hand to farmers in southwest Georgia recovering from Hurricane Michael, this budget delivers on Governor Kemp’s promise to ‘put Georgians first.’ I want to thank Governor Kemp as well as Lt. Governor Duncan and my colleagues in the House and Senate for their work on this 2019 amended budget.”
Contact Information:
Cody Hall, Press Secretary cody.hall@georgia.gov
February Net Tax Revenues Up 5.5%
March 11, 2019
Atlanta, GA - The State of Georgia’s net tax collections for February totaled almost $1.3 billion for an increase of $67.6 million - or 5.5 percent - compared to February 2018 when net tax collections totaled roughly $1.23 billion. Year-to-date, net tax collections totaled $15.37 billion for an increase of $270.5 million - or 1.8 percent - compared to the previous fiscal year when net tax revenues totaled $15.10 billion after eight months.
The changes within the following tax categories further explain February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled roughly $469.2 million, which was a decrease of $7.4 million - or -1.5 percent - compared to last year when Income Tax collections totaled $476.5 million. The following notable components within Individual Income Tax combine for the net decrease:
Sales and Use Tax: Gross Sales and Use Tax collections increased by nearly $66.5 million - or 7.4 percent - to a total of $966.1 million for the month. Net Sales and Use Tax increased by $18.7 million - or 4.1 percent - compared to February 2018 when net sales tax totaled $459.5 million. The adjusted Sales Tax distribution to local governments totaled $483.3 million for an increase of $49 million - or 11.3 percent - over the previous fiscal year. Lastly, Sales Tax Refunds fell by nearly $1.3 million - or 21.7 percent - compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $17.3 million, which was an increase of $46.2 million - or 159.9 percent - compared to FY 2018. The following notable components within Corporate Income Tax comprise the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $5.4 million, or 3.8 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $3.2 million - or 8.6 percent - for the month, while Title Ad Valorem Tax (TAVT) collections decreased by $2.6 million - or -3.1 percent - from last year’s total of $83.5 million.
Contact Information:
Cody Hall, Press Secretary - cody.hall@georgia.gov
