Georgia’s net tax collections up by $1B in May

Georgia’s net tax collections up by $1B in May

June 16, 2021 0 By Nyamekye Daniel

Net 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.

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