ATLANTA — Georgia tax collections soared 52.4% last month compared to April of last year, a huge increase attributed more to changes in state tax filing deadlines than a burst of economic activity.
Tax revenues rose by $963.7 million in April to more than $2.80 billion, compared to almost $1.84 billion in April 2020.
Due to the coronavirus pandemic, the tax filing deadline last year was delayed from mid-April until mid-July. This year’s deadline falls on May 17.
Individual income taxes were up 43.6% last month compared to April of last year, driven by a 168.1% increase in payments. Tax refunds issued by the Georgia Department of Revenue rose as well but by a more modest 40.4%.
Net sales tax collections last month were up by 44.8% over April 2020.
Corporate income tax revenues skyrocketed by 396.2%, resulting from an increase in payments of 572.9% coupled with a 50% decrease in refunds.
Tax receipts covering the first 10 months of fiscal 2021 offer a more realistic comparison than the April numbers skewed by the delay in filing deadlines. From last July through April, the state brought in $21.74 billion in taxes, up a healthy 13.1% over the first 10 months of the last fiscal year.