State Tax Revenues Down 8.8% in June
Tuesday, July 14th, 2020
The State of Georgia’s June net tax collections approached $1.94 billion, for a decrease of $187 million, or -8.8 percent, compared to June 2019 when net tax collections totaled roughly $2.12 billion. Net tax collections for FY 2020 currently total almost $22.75 billion, which reflects a decrease of roughly $1.04 billion, or -4.4 percent, compared to fiscal year-ending June 30, 2019 when net tax revenues totaled more than $23.79 billion.
Please note that, due to the Georgia income tax filing deadline extension related to tax year 2019, total net collections for FY 2020 are not yet final.
Individual Income Tax: Individual Income Tax collections decreased by $5.8 million, or -0.6 percent, compared to FY 2019 when Income Tax collections totaled more than $1.04 billion. Individual Income Tax refunds issued - net of voided checks - were up $48.2 million or 44.4 percent. Individual Estimated Tax payments were down $126.4 million, or -69.7 percent, from last year. Income Tax Withholding payments for the month increased by $138 million, or 16 percent. Individual Income Tax Return payments were up $60.3 million, or 265.4 percent, over last year. All other categories, including Non-Resident Return payments, were down a combined $29.5 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled approximately $1.04 billion, which was a decrease of $28.8 million, or -2.7 percent, compared to FY 2019. Net Sales and Use Tax fell by $10.2 million, or -1.9 percent, compared to June 2019 when net sales tax totaled $527.7 million. The adjusted Sales Tax distribution to local governments decreased by $20.1 million, or -3.8 percent, from last year to a total of $513.7 million while Sales Tax Refunds increased by $1.5 million to a total of nearly $8.7 million for the month.
Corporate Income Tax: Corporate Income Tax collections totaled nearly $98.3 million for a decrease of $127.6 million, or -56.5 percent, from last year when Corporate Tax collections totaled $225.8 million. Corporate Income Tax refunds (net of voids) increased by $9.2 million, or 40.9 percent, over last year. Corporate Estimated Tax payments decreased by $117 million, or -53.9 percent, from June 2019. All other Corporate Tax types, including Corporate Income Tax payments, were down a combined $1.4 million.
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $24.5 million, or -14.9 percent, compared to FY 2019.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $2.4 million, or 8.4 percent, while Title Ad Valorem Tax (TAVT) collections declined by $19.9 million, or -31.2 percent, compared to last year.