Year-over-year tax revenues soar for Peach State
ATLANTA (WRDW/WAGT) - The state of Georgia’s May net tax collections approached $2.66 billion, a 68.1 percent increase over 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.
Year-over-year comparisons of state net tax collections for the spring quarter of April-June are made difficult by deferrals of 2020 and 2021 tax filing deadlines, but here’s a breakdown:
- Individual income tax: Net collections for May totaled roughly $1.57 billion, for an increase of $708.8 million, or 82.7 percent, compared to May 2020.
- Sales and use tax: Gross collections in May increased by $381.5 million, or 42.1 percent, to a total of roughly $1.29 billion for the month.
- Corporate income tax: Net collections for the month totaled $51.2 million, which was an increase of $26.8 million, or 109.6 percent, over last year.
- Motor fuel taxes: Collections were up $56.5 million, or 49.7 percent, compared to last year.
- Vehicle tag and title fees: Tag and title fee revenues increased 8.7 percent in May, while title ad valorem tax collections increased by 125.5 percent.
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