The State of Georgia’s May net tax collections totaled $1.58 billion for a decrease of $178 million, or -10.1 percent, compared to May 2019 when net tax collections totaled nearly $1.76 billion. Year-to-date, net tax collections totaled $20.81 billion for a decrease of roughly $857.9 million, or -4 percent, compared to the previous fiscal year when net tax revenues totaled nearly $21.67 billion.
The changes within the following tax categories help further explain May’s overall net tax revenue decrease:
Individual Income Tax: Individual Income Tax collections for May declined by nearly $30 million, or -3.4 percent, down from May 2019 when net Individual Tax revenues totaled roughly $887.1 million.
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June 10, 2020