Net tax collections in the state of Georgia rose 42% in February to $1.93 billion compared to $1.35 billion in the same month last year, according to Gov. Brian Kemp.
The governor’s office said the increase in February’s net tax collections was due to Internal Revenue Service guidance that directed the acceptance of individual tax returns for 2020 be delayed until this February. Usually individuals can file their taxes for the previous year beginning in January.
So far this fiscal year, which began July 1, net tax collections totaled almost $17.04 billion, up 9.5% from the same period last year. Year-to-date, gross tax collections were $22.62 billion, up 6.5% from the same time in 2020.
“This deferred commencement of tax returns processing led to a corresponding delay in tax refunds, which yielded an extraordinarily favorable net revenue variance within the individual income tax category and in net revenue collections overall," the governor’s office said.
Individual income tax collections last month totaled about $1.06 billion, up 96.7% compared to last year when collections totaled $541.5 million. Individual income tax refunds fell 77.5% from last year while individual withholding payments rose 8.4%.
Corporate income tax collections fell 69% last month to $7.7 million compared to February 2020. Corporate income tax refunds issued rose 66.6% while corporate income tax return payments fell 70%.
Gross sales and use tax collections rose 13.1% to $1.09 billion in February compared to the same month in 2020. The adjusted sales tax distribution to local governments rose 10.6% to $540.8 million, or $51.7 million more than the same time last year.
Net sales and use taxes rose 16.3% while motor fuel tax collections dropped 0.5% compared to last year.
