GEORGIA — While the COVID-19 pandemic continues to cause economic headaches, state tax collections in June were down $187 million year-over-year, a decrease of 8.8 percent. Net tax collections for the 2020 fiscal year are down 4.4 percent with a drop of $1.04 billion in tax revenues.
Individual income tax, sales and use tax, corporate income tax and Ad Valorem taxes all showed decreases in June year-over-year.
Individual income tax collections were down around one-half percent with a $5.8 million decrease in June. Sales and use taxes were down nearly 3 percent compared to 2019 and the sales tax distribution to local governments had decreased by $20.1 million.
Corporate income tax revenues showed a significant decline. Collections were down 56.5 percent, a loss of $127.6 million compared to 2019 figures. Estimated corporate tax payments were down 54 percent.
With many still working from home, gas tax collections were down $24.5 million year-over-year, and Ad Valorem tax revenues declined 31.2 percent.
Tag & Title fee income increased at a rate of 8.4 percent or $2.4 million.
With the extension of the state’s tax filing deadline for 2019, total net collections for the 2020 fiscal year are not final.