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April Net Tax Revenues Up 78.9 Percent

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May 9, 2022

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The State of Georgia’s net tax collections for April totaled $5.01 billion, for an increase of $2.21 billion, or 78.9 percent, compared to April 2021, when net tax collections totaled $2.80 billion. Year-to-date, net tax collections totaled almost $27.54 billion, for an increase of nearly $5.80 billion, or 26.7 percent, compared to the previous fiscal year when net tax revenues totaled $21.74 billion as of the end of April 2021.

Current year-over-year comparisons of state net tax collections for April and May are made difficult by the deferral of the previous year’s state tax filing deadlines for both quarterly and annual income taxes to May 17th rather than the traditional mid-April filing deadline set for most years. While annual revenue totals will be comparable as of May 31st, the current monthly year-over-year comparison to fiscal year 2021 will be incomplete because of the filing deadline shift in 2021 to May.

The changes within the following tax categories help further explain April’s overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections increased by $1.94 billion, or 158.7 percent, to a total of roughly $3.16 billion compared to last year, when Income Tax collections totaled $1.22 billion. The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax refunds issued (net of voided checks) were up $554.3 million, or 123.8 percent
• Individual Withholding payments increased by $77.7 million, or 7.1 percent, over April 2021
• Individual Income Tax Return payments were up $2,162.6 million, or 774.6 percent, versus FY 2021
• All other Individual categories, including Non-Resident Return payments, were up a combined $254.3 million

Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled nearly $1.54 billion, for an increase of $187.1 million, or 13.8 percent, over FY 2021. Net Sales and Use Tax increased by $91.8 million, or 12.9 percent, from April 2021, when net sales tax totaled $712.6 million. The adjusted Sales Tax distribution to local governments totaled $729.7 million, for an increase of $105.5 million, or 16.9 percent, compared to last year. Lastly, Sales Tax refunds decreased by $10.2 million, or 71.6 percent, compared to April 2021.

Corporate Income Tax: Corporate Income Tax collections increased by nearly $257.9 million, or 56.9 percent, compared to FY 2021, when Corporate Tax collections totaled $453.3 million for the month. The following notable components within Corporate Income Tax make up the net increase:

• Corporate Income Tax refunds issued (net of voided checks) were up $10.4 million, or 188.7 percent
• Corporate Income Tax Estimated payments increased by $191.8 million, or 75 percent, over FY ‘21
• Corporate Income Tax Return payments increased by $55.7 million, or 30 percent, versus April 2021
• All other Corporate Tax categories, including Corporate Return payments, were up a combined $20.8 million

Motor Fuel Taxes: Motor Fuel Tax collections for April decreased by $68.6 million, or 39.5 percent, from FY 2021, because of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax beginning on March 18th through the end of May.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by nearly $6.4 million, or 16.2 percent, while Title Ad Valorem Tax (TAVT) collections increased by almost $6 million, or 8.4 percent, compared to last year, when TAVT totaled almost $71 million in April.

April 2022 Comparative Summary of State General Funds