(Media release from the Office of Governor Brian Kemp):
The State of Georgia’s June net tax collections totaled $2.5 billion for an increase of $563.1 million, or 29.1 percent, compared to June 2020 when net tax collections totaled nearly $1.94 billion as of June 30, 2020. For the year-ended June 30, 2021, net tax collections totaled almost $26.90 billion for an increase approaching $3.2 billion, or 13.5 percent, compared to Fiscal Year 2020 (FY ’20), when the final net tax revenues – adjusted as of August 7, 2020, to include deferred FY ’20 related tax deadline payments received in July of FY ’21 – totaled $23.7 billion.
“Thanks to our work alongside the General Assembly to budget conservatively and protect both lives and livelihoods throughout a global pandemic, Georgia remains on solid financial footing,” said Governor Kemp. “The COVID-19 crisis highlighted the importance of states living within their means, and Georgia did so without widespread layoffs, tax hikes, furloughs, or drastic cuts to essential services. During the last two legislative sessions, state leaders worked together to fund our priorities of education, healthcare, and public safety – all while cutting taxes for hardworking Georgians. Georgia is the top state for businesses for the eighth year in a row, our rainy day fund remains strong, and we are leading the nation in economic recovery!”
FY ’20 net collection revenues were adjusted to include a total of $952.7 million – $703.8 million in net Individual Tax payments and $248.9 million in net Corporate Tax payments – in tax filing deadline payments that were received in July 2020, but specifically identified as applicable to FY ’20. The initial year-end reporting of FY ’20 net collections (as of June 30) was not final due to the deferral of the state tax filing deadline in accordance with federal tax filing guidelines that shifted the 2019 individual and corporate tax year payment deadlines to July 15, 2020. The state’s concurrence with last year’s payment deadline shift substantiated a one-time revenue accrual of FY ’20 related tax filing receipts received after the traditional close of the fiscal year. This ensured proper revenue recognition for the purpose of providing an appropriate successive year financial comparison with both FY ’19 (presented August 7, 2020) and the recently completed FY ’21, as of June 30 (July 12, 2021 press release)