Georgia’s net tax collections up by $1B in May
June 16, 2021Net tax revenue in Georgia was about $2.7 billion in May, representing a $1.08 billion increase – or 68.1% – compared with May 2020, Gov. Brian Kemp’s office said.
Georgia’s decision to delay processing tax year 2020, however, made it hard to grasp the full year-over-year comparisons. Fiscal-year-to-date net tax collections are nearly $24 billion, a 17.2% year-over-year increase.
Individual income tax collections totaled about $1.6 billion, representing an increase of $708 million – or 82.7% – compared with May 2020. Individual income tax refunds increased by $239.6 million – or about 151%.
Net sales and use tax collection increased by $207.8 million – or 46.2% – compared with May 2020. The adjusted sales tax distribution to local governments was $626 million, a 39% increase compared with fiscal year 2020.
Corporate income tax collections were $51.2 million for the month, representing about a $27 million increase – or 109.6% – compared with May 2020.
This article was originally posted on Georgia’s net tax collections up by $1B in May
