ATLANTA — The new state fiscal year began last month with a slight increase in tax collections, the Georgia Department of Revenue reported.
The revenue agency brought in $2.16 billion in taxes in July, up just 0.4% compared to July of last year.
The slight increase resulted from a large hike in sales tax revenue coupled with a somewhat smaller decrease in individual and corporate income taxes.
With Georgia businesses much more active last month than a year ago – when the economic impact of the coronavirus pandemic was more severe – net sales tax revenue in July increased by 17.2% over July 2020.
Individual income tax collections, however, fell by 9.1% last month. While income tax refunds soared by 293.8% in July, that was partially offset by a 246% increase in tax payments.
Corporate income tax receipts also fell in July by 24.9%, driven largely by a 115.5% increase in corporate tax refunds.
Georgia’s motor fuel tax collections rose by 6.4% last month compared to July 2020, reflecting a rebound in car and truck traffic to pre-pandemic levels.