(Media release from the Office of Governor Brian Kemp):
The State of Georgia’s May net tax collections approached $2.66 billion for an increase of roughly $1.08 billion, or 68.1 percent, compared to May 2020 when net tax collections totaled $1.58 billion. Year-to-date, total net tax collections totaled almost $24.40 billion for an increase of roughly $3.59 billion, or 17.2 percent, compared to the previous fiscal year when net tax revenues totaled $20.81 billion as of May 31, 2020.
Year-over-year comparisons of state net tax collections for the spring quarter of April-June are made difficult by both the deferral of 2020 state tax filing deadlines for quarterly and annual income taxes to July 15th and the 2021 deferral of the annual individual income tax filing deadline to May 17th. While annual totals will be comparable as of June 30th, monthly year-over-year comparisons may not be appropriate since financial results were impacted by the economic implications of the Coronavirus pandemic and the aforementioned shifting of return filing deadlines.