ATLANTA — Governor Brian Kemp's Office released new state data for April on Wednesday that shows tax revenues are on the rise in Georgia compared to April 2020.
According to the report, tax revenues in April totaled more than $2.8 billion for an increase of $963.7 million or 52.4%. In comparison to last April, tax revenues totaled almost $1.84 billion, the governor's office said.
According to the state's year-to-date data, tax revenues are up $21.74 billion for an increase of nearly $2.51 billion or 13.1% for the year so far. State data shows tax revenues were only at $19.23 billion for 2020 after 10 months into the fiscal year.
Gov. Kemp's Office said monthly year-over-year comparisons may not be appropriate due to economic factors like the pandemic and this year's tax deadline extension. However, annual totals will be comparable as of June 30, the governor's office said.
Here's a breakdown of additional tax comparisons:
Individual Income Tax: State data shows the net individual tax revenues for April totaled $1.22 billion for an increase of $371 million or 43.6%. In April of 2020, the state reported individual income tax revenues totaled $851.7 million.
Sales and Use Tax: Gross sales and tax revenues for April increased $355.3 million or 35.7% for a total of $1.35 billion for the month, the state reported. Last April, net sales and use tax increased $492.1 million.
Corporate Income Tax: Net corporate income tax in April totaled $453.3 million, for an increase of $364 million or 396.2%, compared to April 2020 where net corporate tax revenues totaled $91.4 million.