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The Georgia State Financing and Investment Commission (GSFIC) is responsible for the issuance of all public debt of the State, including general obligation debt and guaranteed revenue debt. GSFIC consists of the Financing and Investment Division and the Construction Division. GSFIC’s core value is dedicated to continuous quality improvement in all of its activities.
The State of Georgia’s net tax collections in the first month of FY 2022 approached $2.16 billion for an increase of $8.7 million, or 0.4 percent, compared to July 2020 (FY 2021), when net tax collections totaled roughly $2.15 billion. Gross tax revenue receipts in July totaled $2.92 billion, for an increase of $187.2 million, or 6.8 percent, over July 2020, when gross tax revenue totaled $2.73 billion.
The State of Georgia’s June net tax collections totaled $2.50 billion for an increase of $563.1 million, or 29.1 percent, compared to June 2020 when net tax collections totaled nearly $1.94 billion as of June 30, 2020. For the year-ended June 30, 2021, net tax collections totaled almost $26.90 billion for an increase approaching $3.20 billion, or 13.5 percent, compared to Fiscal Year 2020 (FY ’20), when the final net tax revenues – adjusted as of August 7, 2020, to include deferred FY ’20 related tax deadline payments received in July of FY ’21 – totaled $23.70 billion.
FY 2020 net collection revenues were adjusted to include a total of $952.7 million – $703.8 million in net Individual Tax payments and $248.9 million in net Corporate Tax payments – tax filing deadline payments that were received in July 2020, but specifically identified as applicable to FY ‘20. The initial year-end reporting of FY ‘20 net collections (as of June 30) was not final due to the deferral of the state tax filing deadline in accordance with federal tax filing guidelines that shifted the 2019 individual and corporate tax year payment deadlines to July 15, 2020. The state’s concurrence with last year’s payment deadline shift substantiated a one-time revenue accrual of FY ’20 related tax filing receipts received after the traditional close of the fiscal year, thereby ensuring proper revenue recognition for the purpose of providing an appropriate successive year financial comparison with both FY 2019 (presented August 7, 2020) and the recently completed FY 2021, as of June 30 (July 2021 press release).
