ATLANTA – There’s good news and bad news in the monthly state revenues report.
The Georgia Department of Revenue collected $2.16 billion in taxes last month, a decrease of $81.3 million – or 3.6% from September of last year.
However, the first-quarter numbers tell a different story. The state brought in nearly $6.2 billion in net tax revenue during July, August and September, the first quarter of fiscal 2021, a 6.3% increase over the first quarter of the last fiscal year.
Coupled with two straight months of positive revenue numbers reported in July and August, the overall first-quarter results show Georgia’s economy is recovering after three straight months of revenue losses at the height of the coronavirus pandemic-driven business lockdown.
The main driver behind September’s revenue decrease was a loss in net sales tax collections, which fell 37.3% compared to September of last year.
Individual incomes taxes, on the other hand, were up 11.2%, resulting from a combination of an increase in payments and a decrease in refunds.
Corporate income tax collections rose 4% in September compared to the same month in 2019.
Motor fuel taxes fell slightly, 0.7%, with Georgians still driving less during the pandemic.