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The State of Georgia’s June net tax collections totaled $2.85 billion for an increase of $354.2 million, or 14.2 percent, compared to June 2021 period, when net tax collections totaled $2.50 billion as of June 30, 2021. For the year-ended June 30, 2022, net tax collections totaled $33.09 billion for an overall increase of $6.19 billion, or 23 percent, compared to Fiscal Year 2021, during which final net tax revenues approached $26.90 billion.
Individual Income Tax: Net Individual Income Tax collections in June totaled almost $1.48 billion, for an increase of $181.1 million, or 14 percent, compared to FY 2021 when net Individual Tax revenues approached $1.30 billion.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections totaled $1.46 billion, for an increase of $171 million, or 13.3 percent, over FY 2021, when gross sales tax totaled roughly $1.29 billion. Net Sales and Use Tax increased by **$77.6 million, **or 12 percent, up from last year’s total of $644.9 million. The Sales Tax distribution to local governments totaled $729.5 million, which was an increase of roughly $100 million, or 15.9 percent, while Sales Tax Refunds fell by a total of $6.6 million, or -46.7 percent, compared to June 2021.
Corporate Income Tax: Net Corporate Income Tax collections for the month totaled $479.4 million, which was an increase of $153.7 million, or 47.2 percent, over FY 2021 when net Corporate Tax revenues totaled $325.8 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections for June decreased by roughly $56.8 million, or -99.5 percent, from a total of $57.1 million last year, when motor fuel tax collections were impacted by a supply shortage caused by the May 7, 2021 cyber-attack on critical fuel line infrastructure across the southeast. The current year decrease is the result of the Executive Order issued by Governor Kemp to suspend the Motor Fuel Excise Tax through mid-August.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees decreased by $2.3 million, or -7.2 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by nearly $2.3 million, or 3.3 percent, over FY 2021.