Connect with us

Hi, what are you looking for?

State News

Georgia Revenue Up 13.5% Over Previous Fiscal Year

The State of Georgia’s June net tax collections totaled $2.5 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 $3.2 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 $23.7 billion.

“Thanks to our work alongside the General Assembly to budget conservatively and protect both lives and livelihoods throughout a global pandemic, Georgia remains on solid financial footing,” said Governor Kemp. “The COVID-19 crisis highlighted the importance of states living within their means, and Georgia did so without widespread layoffs, tax hikes, furloughs, or drastic cuts to essential services. During the last two legislative sessions, state leaders worked together to fund our priorities of education, healthcare, and public safety – all while cutting taxes for hardworking Georgians. Georgia is the top state for businesses for the eighth year in a row, our rainy day fund remains strong, and we are leading the nation in economic recovery!”

FY ’20 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 – in 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. This ensured proper revenue recognition for the purpose of providing an appropriate successive year financial comparison with both FY ’19 (presented August 7, 2020) and the recently completed FY ’21, as of June 30 (July 12, 2021 press release).
Individual Income Tax: Net Individual Income Tax collections for June totaled roughly $1.30 billion, for an increase of $256.8 million, or 24.7 percent, compared to FY ’20 when net Individual Tax revenues totaled nearly $1.04 billion.The following notable components within Individual Income Tax combine for the net increase:• Individual Income Tax refunds issued (net of voided checks) declined by $0.6 million, or -0.4 percent.• Individual Withholding payments increased by nearly $101.6 million, or 10.1 percent, from FY ’20.• Individual Income Tax Estimated payments were up $124.3 million, or 226 percent, over last year.• All other categories, including Income Tax Return payments, were up a combined $30.3 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by roughly $248.9 million, or 23.9 percent, to a total of almost $1.29 billion in FY ’21. Net Sales and Use Tax increased by $127.4 million, or 24.6 percent, compared to last year’s total of $517.5 million. The Sales Tax distribution to local governments totaled roughly $629.6 million for an increase of $115.9 million, or 22.6 percent, while Sales Tax Refunds increased by $5.6 million from FY ’20.
Corporate Income Tax: Net Corporate Income Tax collections for the month totaled $325.8 million, which was an increase of $227.5 million, or 231.6 percent, over last year when net Corporate Tax revenues totaled $98.3 million.The following notable components within Corporate Income Tax make up the net increase:• Corporate Income Tax refunds (net of voids) were down $20.4 million, or -64.4 percent, from FY ’20.• Corporate Income Tax Estimated payments increased by $194.5 million, or 194.4 percent, over last year.• Corporate Income Tax Return payments were up $13.6 million, or 70.9 percent, compared to FY ’20.• All other Corporate Tax categories, including S-Corp tax payments, were down a combined $1 million.
Motor Fuel Taxes: Motor Fuel Tax collections were down $82.8 million, or -59.2 percent, compared to last year when motor fuel tax collections totaled nearly $140 million. The significant reduction in the number of taxable motor fuel gallons sold was the result of a supply crunch caused by the May 7 cyberattack on critical fuel line infrastructure across the Southeast. In reaction to the severe fuel supply shortage, the Governor’s State of Emergency Executive Order directed the temporary suspension of the collection of the Motor Fuel Excise Tax on both gasoline and diesel for a period of roughly three weeks beginning May 10 and ending June 2, 2021.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $1.4 million, or 4.6 percent, in June, while Title Ad Valorem Tax (TAVT) collections increased by roughly $24.6 million, or 56.3 percent, over FY ’20.
June 2021
Press
Written By

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Local Gov't Around GA

A Bryan County woman filed a lawsuit this week after a school system reportedly terminated her for expressing her religious beliefs.  Lindsey Barr says...

South Georgia Local News

The man facing charges in the death of a golf cart driver in Effingham County has a lengthy criminal background spanning over twenty years,...

Law Enforcement

A sheriff’s deputy in one Georgia county was reprimanded only minimally after taking a sports car for a spin after a DUI arrest. Public...

Bulloch Local Government

A contentious discussion ensued during the Statesboro Council meeting Tuesday as officials discussed an alcohol license for a business that’s operating on a month-to-month...

Copyright © 2022 ... JustSun LLC.

NEVER MISS A STORY!
Sign Up For Our  Newsletter
Get the latest headlines and stories - and even exclusive content!- sent right to your inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link