Connect with us

Hi, what are you looking for?

State News

Georgia’s December Net Tax Revenues Up 24.3%

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.

D1EEDDF8-5CCB-462C-A89A-86A32633F393
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

Bulloch Local Government

An administrative judge said in a recent order that Southern City Lounge in Statesboro is a “threat to public safety, welfare, and health,” but...

South Georgia Local News

A senior judge has denied a request for the recusal of the presiding judge in Elwyn Crocker Sr’s death penalty case in Effingham County....

Bulloch Crime & Safety

The Bulloch Co Jail Booking & Incident Report 05/16/22 details arrests from Bulloch Co., Statesboro, Portal, Brooklet, and Georgia Southern. Incident reports are from...

Bulloch Local News

The Bulloch County Board of Education and Bulloch County Schools hosted a retirement program on May 17, in the Mattie Lively Elementary School Cafeteria...

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