May Net Tax Revenues Up 68.1 Percent
Atlanta, GA - The State of Georgia’s May net tax collections approached $2.66 billion for an increase of roughly $1.08 billion, or 68.1 percent, compared to May 2020 when net tax collections totaled $1.58 billion. Year-to-date, total net tax collections totaled almost $24.40 billion for an increase of roughly $3.59 billion, or 17.2 percent, compared to the previous fiscal year when net tax revenues totaled $20.81 billion as of May 31, 2020.
Year-over-year comparisons of state net tax collections for the spring quarter of April-June are made difficult by both the deferral of 2020 state tax filing deadlines for quarterly and annual income taxes to July 15th and the 2021 deferral of the annual individual income tax filing deadline to May 17th. While annual totals will be comparable as of June 30th, 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 May totaled roughly $1.57 billion, for an increase of $708.8 million, or 82.7 percent, compared to May 2020 when net Individual Tax revenues totaled $857.1 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 $239.6 million, or 150.9 percent
- Individual Withholding payments increased by $71.5 million, or 7.6 percent, from May FY 2020
- Individual Income Tax Return payments were up $830.9 million, or 2030.7 percent, over last year
- All other categories, including Estimated income tax payments, were up a combined $46 million
Sales and Use Tax: Gross Sales and Use Tax collections in May increased by $381.5 million, or 42.1 percent, to a total of roughly $1.29 billion for the month. Net Sales and Use Tax increased by $207.8 million, or 46.2 percent, compared to last year, when net sales tax totaled $449.9 million. The adjusted Sales Tax distribution to local governments totaled $626 million for an increase of $176.4 million, or 39.2 percent, while Sales Tax Refunds fell by $2.6 million, or -37.3 percent, compared to May FY 2020.
Corporate Income Tax: Net Corporate Income Tax collections for the month totaled $51.2 million, which was an increase of $26.8 million, or 109.6 percent, over last year when net Corporate Tax revenues totaled $24.5 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds (net of voids) were up $21.3 million, or 765.7 percent, over last year
- Corporate Income Tax Estimated payments increased by $34 million, or 156.1 percent, from May 2020
- Corporate Income Tax Return payments were up $10.3 million, or 425.3 percent, compared to FY 2020
- All other Corporate Tax categories, including S-Corp tax payments, were up a combined $3.8 million
Motor Fuel Taxes: Motor Fuel Tax collections were up $56.5 million, or 49.7 percent, compared to last year, when motor fuel gallons purchased and driven were diminished due to the Coronavirus driven economic slowdown.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $2.5 million, or 8.7 percent, in May, while Title Ad Valorem Tax (TAVT) collections increased by $41.1 million, or 125.5 percent, over FY 2020.