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For Immediate Release Thursday, April 14, 2022
Gov. Kemp: Timing of Tax Filing Deadlines Leads to Large One-Month Increase in State Revenues
Atlanta, GA The State of Georgia's net tax collections for March totaled $2.76 billion, for an increase of $862.9 million, or 45.5 percent, compared to March 2021, when net tax collections approached $1.90 billion. Year-to-date, net tax collections totaled $22.52 billion, for an increase of nearly $3.59 billion, or 18.9 percent, compared to the previous fiscal year when net tax revenues totaled $18.94 billion at the end of the third quarter.
Due to differences in tax filing deadlines in FY2020 and FY 2021 versus FY 2022, comparisons in month over month income tax collections and refunds can be challenging. The changes within the following tax categories help further explain March's overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections increased by $657.9 million, or 70.6 percent, to a total of nearly $1.59 billion compared to last year when Income Tax collections totaled $931.7 million.
The following notable components within Individual Income Tax combine for the net increase:
Individual Income Tax refunds issued (net of voided checks) were down $388.6 million, or -54.7 percent
Individual Withholding payments increased by $158.6 million, or 11.3 percent, from March 2021
Individual Income Tax Return payments were up $34.1 million, or 38 percent, over FY 2021
All other Individual Tax categories, including Non-Resident Return payments, were up a combined $76.6 million
Sales and Use Tax: Gross Sales and Use Tax collections for March approached a total of $1.27 billion, for an increase of $213.8 million, or 20.3 percent, over FY 2021. Net Sales and Use Tax increased by roughly $103.6 million, or 19.4 percent, over March 2021, when net
4/15/2022, 8:32 AM

Gov. Kemp: Timing of Tax Filing Deadlines Leads to Large One-Month ... https://madmimi.com/p/371dc31?pact=449224-167421473-11554464864...
sales tax totaled $532.7 million. The adjusted Sales Tax distribution to local governments totaled $628.2 million, for an increase of $115.3 million, or 22.5 percent, compared to last year. Lastly, Sales Tax refunds decreased by $5.1 million, or -57.7 percent, compared to March 2021.
Corporate Income Tax: Corporate Income Tax collections totaled nearly $204.9 million, for an increase of $71 million, or 53.1 percent, over last year, in which Corporate Tax collections totaled almost $133.9 million in March.
The following notable components within Corporate Income Tax make up the net increase:
Corporate Income Tax refunds issued (net of voided checks) were down $9 million, or -67.2 percent
Corporate Income Tax Estimated payments increased by roughly $49.4 million, or 68.3 percent
All other Corporate Tax types, including Corporate Return payments, were up a combined $12.6 million
Motor Fuel Taxes: Motor Fuel Tax collections increased by $12.6 million, or 8.8 percent, over March FY 2021.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees rose by $1.5 million, or 4.1 percent, while Title Ad Valorem Tax (TAVT) collections increased by $3.6 million, or 6.3 percent, compared to the previous March, when TAVT totaled almost $57 million.

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4/15/2022, 8:32 AM

Gov. Kemp: Timing of Tax Filing Deadlines Leads to Large One-Month ... https://madmimi.com/p/371dc31?pact=449224-167421473-11554464864...

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Press Contacts
Katie Byrd - Director of Communications Office of Governor Brian P. Kemp katie.byrd@georgia.gov
Andrew Isenhour - Deputy Director of Communications Office of Governor Brian P. Kemp andrew.isenhour@georgia.gov

4/15/2022, 8:32 AM

Gov. Kemp: Timing of Tax Filing Deadlines Leads to Large One-Month ... https://madmimi.com/p/371dc31?pact=449224-167421473-11554464864...
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4/15/2022, 8:32 AM