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Kemp: September tax collections up more than 30%

By AccessWDUN staff
Posted 12:42PM on Friday 8th October 2021 ( 3 years ago )

Georgia’s September net tax collections totaled nearly $2.82 billion for an increase of $655 million, or 30.3%, compared to September of last year when net tax collections totaled $2.16 billion, according to a report issued by Gov. Brian Kemp's office.  Year-to-date and through the end of one quarter, net tax revenue collections totaled $7.10 billion, for an increase of $903.7 million, or 14.6%, compared to FY 2021.

The changes within the following tax categories account for September’s overall net tax revenue increase.

Individual Income Tax: Individual Income Tax collections for September totaled $1.42 billion, for an increase of $165.9 million, or 13.2%, compared to FY 2021 when net Individual Tax revenues approached $1.26 billion.

The following notable components within Individual Income Tax combine for the net increase:

Sales and Use Tax: Gross Sales and Use Tax collections totaled nearly $1.3 billion in September, for an increase of $198.5 million, or 18.1%, over last year. Net Sales and Use Tax increased by $334.6 million, or 104.8%, compared to FY 2021, when net Sales Tax revenue totaled just $319.2 million. FY 2021 net Sales Tax collections were lower due to a one-time audit adjustment to re-state previously incorrect Sales Tax allocations for returns captured during an extensive audit review period completed last fall.

Conversely, the monthly Sales Tax distribution to local governments was higher due to the DOR audit, with a total of $768.3 million in FY 2021, resulting in a favorable year-over-year decrease of $129.8 million, or decreased by 16.9%, in the current year (FY 2022) comparison to September 2020. Lastly, Sales Tax refunds decreased by $6.4 million, or decreased by 62.9%, compared to September FY 2021.

Corporate Income Tax: Net Corporate Income Tax collections increased by $133.5 million, or 50.4%, over last year when net Corporate Tax revenues totaled $264.9 million in September.
The following notable components within Corporate Income Tax make up the net increase:

Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by $14.5 million, or 9.1%, up from a total of $159.8 million in September FY 2021.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $0.6 million, or 1.9%, compared to September 2020 when Motor Vehicle fees totaled $30.3 million, while Title ad Valorem Tax (TAVT) collections were up $9.6 million, or 16.5%, compared to last year’s total of $58.1 million.

http://accesswdun.com/article/2021/10/1045331/kemp-september-tax-collections-up-more-than-30

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