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Positive news for Georgia's growing economy
burns jon 2015
Rep. Jon Burns

Friends,

We all know that 2020 was a tough year for families and businesses worldwide, and Georgia families and businesses were no exception. Georgians are blessed, however, to have been able to continue providing for their families without state government standing in their way, as we saw in so many other states. This meant that Georgia’s economy, although suffering some setbacks last year, remained largely stable and growing.

This year we have seen incredible growth, well beyond that which we had expected. For instance, Governor Kemp recently announced that our state’s revenues were up 12.7 percent this August compared to August 2020. Our revenues have increased by 6.2% when you compare where we are in Fiscal Year 2022 compared to this same point in the last fiscal year. Additionally, sales taxes collections have increased across the board, ensuring both state and local governments have the funds they need to serve their communities adequately.


Individual Income Taxes

Individual income tax collections in August of 2021 were almost $1.11 billion, an increase of 13.9% from the $970.3 million collected in August 2020. A variety of factors impacted this major increase. Individual income tax refunds were down $8.3 million, a decrease of 8.6%. Individual income tax withholding payments increased by $121.8 million, up 12.6% over last year. While individual income tax return payments were down for August 2021 compared to August 2020, all other individual tax categories increased by $16.9 million.


Sales and Use Taxes

Sales and use tax collections, gross and net, were higher this August than they were this time last year - with gross sales and use tax collections increasing by $180.8 million, an increase of 15.9%. The sales tax distribution to local governments was $648 million, increasing 21.2 percent compared to August 2020. Sales tax refunds decreased by 15.4 percent compared to last year.


Corporate Income Taxes

Corporate income tax collections were down this August compared to August 2020, most of which can be accounted for by an increase in corporate tax refunds to taxpayers and decreases in other corporate tax categories, including corporate return payments. Corporate income tax estimate payments increased by $12.4 million, an increase of over 112% compared to last August!


Motor Fuel and Tag 

and Title Taxes

Motor fuel tax collections for this August increased by $19.2 million, a 12.6% increase, from a total of $152.2 million in August 2020. Collection of tag and title fees for motor vehicles increased by $3.6 million, 11.7% higher than last year, and title ad valorem taxes were almost $69.1 million, an increase of 13.8%, compared to August 2020.

As we look forward to next January’s Session, we are closely monitoring our state’s economic growth to allow us to craft a budget that supports all Georgians. As always, if you have any feedback, do not hesitate to call (404.656.5052), email, or engage on Facebook. If you would like to receive email updates, please visit my website to sign up for my newsletter or email me.


Jon Burns represents District 159 in the Georgia General Assembly, where he serves as the House majority leader.