The economic fallout of the COVID-19 pandemic is now becoming evident on the state’s balance sheet.
Georgia’s net tax collections for April were down $1.03 billion over last year’s. The state took in $1.84 billion last month, compared to $2.87 billion. in April 2019. That’s a decrease of 35.9%.
Year-to-date net tax collections totaled $19.23 billion for a decrease of nearly $680 million, or -3.4 percent, compared to the previous fiscal year (FY) when net tax revenues totaled $19.91 billion.
The governor’s office says the decrease in revenues is largely attributable to the economic impact of the COVID-19 pandemic. In particular, the shifting of payment deadlines related to motor vehicle, corporate tax, and individual income tax.
Individual Income Tax collections for April declined by $732 million, or -46.2 percent, down from April 2019 when net Individual Tax revenues totaled roughly $1.58 billion.
Georgia pushed back its filing date this year due to the pandemic. Georgians have until July 15 to file their state and federal tax returns.
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