Despite COVID-19, the lockdown and impacts of the virus on business, Georgia still managed to finish up the with an increase in revenue over last year. According to a press release from Gov. Brian Kemp, year-to-date, net tax revenue collections in November totaled $10.17 billion, for an increase of $551.1 million, or 5.7 % over last year. The state’s net tax collections in November totaled nearly $1.96 billion, for an increase of $150.9 million, or 8.3 % compared to November 2019 when net tax collections approached $1.81 billion.
These increases in November 2020 were due to:
- Individual Income Tax: Individual Income Tax collections for November totaled nearly $1.03 billion, which was an increase of $128.7 million, or 14.3 %, over last year when net Individual Tax revenues totaled $900.7 million.
- Sales and Use Tax: Gross Sales and Use Tax collections increased by $63 million, or 6 %, to a total of $1.12 billion, up from last year’s total of nearly $1.06 billion. Net Sales and Use Tax declined by about $6.6 million, or -1.3 %, compared to last year, when net Sales Tax revenue totaled $522.3 million. The adjusted Sales Tax distribution to local governments totaled $596.6 million, for an increase of $65.6 million, or 12.4 %, over FY 2020. Sales Tax refunds increased by nearly $4 million, or 106.9 %, compared to November 2019.
- Corporate Income Tax: Net Corporate Income Tax collections increased by $11.5 million, or 284 %, compared to FY 2020 when net Corporate Tax revenues totaled just over $4 million in November.
- Motor Fuel Taxes: Motor Fuel Tax collections for the month increased by roughly $2.5 million, or 1.6 % from last year’s November total of $157.6 million.
- Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November were up $1.3 million, or 5.1 %, compared to November 2019 when Motor Vehicle fees totaled $26.2 million. Title ad Valorem Tax (TAVT) collections also increased by almost $600,00, or 1 percent, compared to last year’s total of $56.9 million.