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Georgia’s net tax collections total nearly $2B in March

Net tax revenue in Georgia was $1.9 billion in March, representing a $67 million increase – or 3.7% – compared with March 2020, Gov. Brian Kemp’s office said.

Georgia’s decision to delay processing tax year 2020 individual returns helped lead to a net tax collection of nearly $2 billion in February. Conversely, an increase of refund processing in the March affected the month’s report.

Individual income tax collections totaled about $931.7 million – a decrease of $39.7 million, or 4.1%, compared with March 2020. Individual income tax refunds increased by $292.2 million, or 69.8%.

Net sales and use tax collection increased by $75.6 million, or 16.5%, compared with March 2020. The adjusted sales tax distribution to local governments was $512.9 million, a 9.6% increase.

Corporate income tax collections were $133.9 million for the month, representing a $23.7 million, or 21.6%, increase compared with March 2020.

Fiscal-year-to-date net tax collections are nearly $18.94 billion, an 8.9% year-over-year increase.

This article was originally posted on Georgia’s net tax collections total nearly $2B in March

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