State August tax collections up almost 8 percent over last year

ATLANTA – Gov. Brian Kemp announced Thursday that Georgia’s August net tax collections totaled nearly $1.89 billion for an increase of $134.5 million, or 7.7 percent, compared to August 2019, when net tax collections totaled roughly $1.75 billion. Year-to-date, net tax revenue collections totaled $4.03 billion after two months for an increase of $446.3 million, or 12.4 percent, compared to the end of August last year (FY 2020).

Individual Income Tax: Individual income tax collections for August totaled roughly $970.3 million, compared to $880.1 million in August 2019, which is an increase of roughly $90.2 million, or 10.3 percent. Individual income tax refunds issued (net of voided checks) were up $26.7 million, or 38.2 percent. Individual income tax withholding payments were up $88.7 million, or 10.1 percent, over the Fiscal Year of 2020. Individual income tax return payments increased by roughly $19.2 million, or 115.9 percent, over the last year. All other individual tax categories, including estimated tax payments, were up a combined $9 million.

Sales and Use Tax: Gross sales and use tax collections for August increased by $60.1 million, or 5.6 percent, from a total of nearly $1.08 billion in Fiscal Year 2020. Net sales and use tax, which totaled roughly $593.6 million for the month, had an increase of $58.1 million, or 10.8 percent, compared to last year. The adjusted sales tax distribution to local governments totaled nearly $535.2 million, a decrease of $2.2 million, or -0.4 percent, compared to August 2019. Lastly, sales tax refunds increased by roughly $4.1 million, or 79.2 percent, over last year.

Corporate Income Tax: Corporate income tax collections increased by nearly $6.1 million, or 115.9 percent, from a total of roughly $5.3 million in August 2019. Corporate tax refunds issued (net of voided checks) fell by $5.8 million, or -29.1 percent, from last year. Corporate income tax return payments increased by $5.1 million, or 112.2 percent, over Fiscal Year 2020. All other corporate tax categories, including estimated tax payments, were down a combined $4.8 million.

Motor Fuel Taxes: Motor fuel tax collections for the month decreased by $3.9 million, or -2.5 percent, compared to August 2019 when Motor Fuel Tax collections totaled roughly $156.1 million.

Motor Vehicle — Tag & Title Fees: Motor vehicle tag and title fee collections decreased by $5.7 million, or -15.8 percent, compared to last year while Title ad valorem tax collections totaled nearly $60.7 million for a decrease of roughly $10.9 million, or -15.2 percent, compared to the previous fiscal year.

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