Georgia’s June net tax revenue down 8.8% from a year ago
ATLANTA (41NBC/WMGT) – Georgia’s June net tax revenue was down 8.8% from the same time period last year.
That’s according to a news release from Governor Brian Kemp’s Office Friday, which said the state’s net tax collections approached $1.94 billion, a decrease of $187 million from June 2019.
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 the previous fiscal year.
“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 release said.
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.
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.
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.
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.