Georgia state tax collections rising in fiscal 2021
In the first two months of fiscal 2021, Georgia saw state revenue collections exceed prior year levels despite lingering elevated unemployment rates.
Net state revenue collections in August totaled $1.89 billion, an increase of 7.7% over 2019, Gov. Brian Kemp said Thursday.
In July, revenues totaled $2.15 billion for an increase of $311.8 million or 17% from a year earlier, even though the state shifted certain tax collections that were deferred until July 15 into June to be recognized in fiscal 2020.
Year-to-date, net tax revenue collections have totaled $4.03 billion, an increase of 12.4% compared to the same period last year.
Sales and use tax collections in August were $1.08 billion, an increase of $60.1 million or 5.6% over the prior year.
Individual income tax collections, the second-largest category supporting the state general fund, were $970.3 million in August, up 10.3% over the previous year.
Corporate income tax revenues came in at $11.3 million, up 115.9%.
Motor fuel tax collections were $152.2 million in August, a drop of 2.5%. Vehicle tax and title fees came in at $30.6 million, down 15.8%.
The state has seen revenues increase despite an elevated unemployment rate due to the economic downturn spurred by COVID-19.
In July, the most recent month available, Georgia's jobless rate was 7.6%, up from the pre-pandemic low of 3.1% in February, according to the state Department of Labor. The U.S. unemployment rate was 10.2% in July.
Georgia saw revenue collections in fiscal 2020 end on a slightly negative note, most likely inhibited by rising unemployment rates of 4.6% in March, 12.6% in April, 9.4% in May, and 7.6% in June.
At June 30, net tax collections totaled $23.70 billion, for a year-over-year decrease of $92.1 million, or 0.4%.
The governor's office did not respond to a request for comment.