Atlanta, GA (STL.News) Georgia Governor Brian P. Kemp The State of Georgia’s net tax collections for March totaled nearly $1.90 billion for an increase of almost $67 million, or 3.7 percent, compared to March 2020, when net tax collections totaled $1.83 billion. Year-to-date, total net tax collections approached $18.94 billion, for an increase of roughly $1.55 billion, or 8.9 percent, compared to FY 2020 when net tax revenues totaled $17.39 billion after nine months.
The deferred commencement of Individual Income tax return processing – concurrent with the Internal Revenue Service (IRS) guidance that directed the acceptance and processing of 2020 Individual tax year returns beginning February 12, 2021 – delayed income tax refund processing and contributed significantly to the highly favorable net tax collection revenue variance reported in February. Subsequently, an acceleration of refund processing in the March reporting period reduced the impact of the refund processing delay on year-to-date net revenue collections.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $931.7 million for the month, which was a decrease of $39.7 million, or -4.1 percent, compared to last year when Individual Tax collections totaled $971.4 million.