Georgia nets nearly $2.36 billion in tax collections in January

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 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.

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 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.