June Tax Revenues Down 8.8%
JULY 13, 2020
As of June 30, 2020, the State of Georgia’s June net tax collections approached $1.94 billion, for a decrease of $187 million, or -8.8 percent, compared to June 2019 when net tax collections totaled roughly $2.12 billion. Net tax collections for FY 2020 currently total almost $22.75 billion, which reflects a decrease of roughly $1.04 billion, or -4.4 percent, compared to fiscal year-ending June 30, 2019 when net tax revenues totaled more than $23.79 billion.
Please note that, due to the Georgia income tax filing deadline extension related to tax year 2019, total net collections for FY 2020 are not yet final.
The changes within the following tax categories help further explain June’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections decreased by $5.8 million, or -0.6 percent, compared to FY 2019 when Income Tax collections totaled more than $1.04 billion.
The following notable components within Individual Income Tax combine for the net decrease:
- Individual Income Tax refunds issued (net of voided checks) were up $48.2 million or 44.4 percent
- Individual Estimated Tax payments were down $126.4 million, or -69.7 percent, from last year
- Income Tax Withholding payments for the month increased by $138 million or 16 percent
- Individual Income Tax Return payments were up $60.3 million, or 265.4 percent, over last year
- All other categories, including Non-Resident Return payments, were down a combined $29.5 million
Sales and Use Tax: Gross Sales and Use Tax collections totaled approximately $1.04 billion, which was a decrease of $28.8 million, or -2.7 percent, compared to FY 2019. Net Sales and Use Tax fell by $10.2 million, or -1.9 percent, compared to June 2019 when net sales tax totaled $527.7 million. The adjusted Sales Tax distribution to local governments decreased by $20.1 million, or -3.8 percent, from last year to a total of $513.7 million, while Sales Tax Refunds increased by $1.5 million to a total of nearly $8.7 million for the month.
Corporate Income Tax: Corporate Income Tax collections totaled nearly $98.3 million, for a decrease of $127.6 million, or -56.5 percent, from last year when Corporate Tax collections totaled $225.8 million.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Income Tax refunds (net of voids) increased by $9.2 million, or 40.9 percent, over last year
- Corporate Estimated Tax payments decreased by $117 million, or -53.9 percent, from June 2019
- All other Corporate Tax types, including Corporate Income Tax payments, were down a combined $1.4 million
Motor Fuel Taxes: Motor Fuel Tax collections decreased by $24.5 million, or -14.9 percent, compared to FY 2019.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $2.4 million, or 8.4 percent, while Title Ad Valorem Tax (TAVT) collections declined by $19.9 million, or -31.2 percent, compared to last year.