State tax collections post strong gains

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ATLANTA - Georgia tax collections rose in November for the second consecutive month, the state Department of Revenue reported Tuesday.
The state brought in nearly $1.96 billion last month, an increase of $150.9 million – or 8.3% - over November of last year. That represented a much healthier bounce than the 1.8% increase in revenues in October.
Individual income taxes were up 14.3%, driven largely by a 13.7% increase in individual withholding payments.
Gross sales tax payments rose by 6% last month compared to November of last year. However, net sales taxes declined by 1.3%.
Corporate income tax collections shot up in November by 284%, resulting primarily from an even larger 419% increase in payments. Tax refunds fell by 31%.
With Georgia drivers back on the roads despite the persistence of the coronavirus pandemic, the state took in 1.6% more in motor fuel tax revenues last month than last year’s November total.
The stronger numbers in November helped boost state tax receipts for the fiscal year thus far by $551.1 million, an increase of 5.7% over the first five months of fiscal 2020.
 
 
 

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