Georgia sees slight year-over-year rise in July tax collections
ATLANTA (WRDW/WAGT) - Georgia’s net tax collections in the first month of Fiscal Year 2022 approached $2.16 billion for an increase of $8.7 million, or 0.4 percent, compared to July 2020, when net tax collections totaled roughly $2.15 billion.
The office of Gov. Brian Kemp also reported that gross tax revenue receipts in July totaled $2.92 billion, for an increase of $187.2 million, or 6.8 percent, over July 2020, when gross tax revenue totaled $2.73 billion.
The changes within the following tax categories account for July’s overall net tax revenue increase:
- Individual income tax: Collections during the month totaled almost $1.06 billion, down from roughly $1.17 billion in July 2020, for a decrease of $105.9 million or 9.1 percent.
- Sales and use tax: Collections totaled $1.35 billion in July, for an increase of $216.5 million, or 19.1 percent, over Fiscal Year 2021.
- Corporate income tax: Collections for the month totaled $58.5 million, which was a decrease of $19.4 million, or 24.9 percent, from Fiscal Year 2021.
- Motor fuel taxes: Collections during the month increased by $9.7 million, or 6.4 percent, from a total of $151.2 million in July 2020.
- Motor vehicle tag and title fees: Collections fell by $0.8 million, or 2.2 percent, from a total of $33.9 million in July 2020, while title ad valorem tax collections increased by roughly $14.9 million, or 25.6 percent, compared to last year.
Copyright 2021 WRDW/WAGT. All rights reserved.