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Sunday, December 22, 2024

Georgia collected 8.6% more in insurance premiums sales tax in 2020

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Of the $23.8 billion in taxes collected by Georgia in 2020, $555 million came from insurance premiums sales tax, an 8.6 percent increase over the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).

Georgia collected $510.9 million in insurance premiums sales tax in 2019.

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau sets the tax classifications among the survey categories and cautions they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by subcategory and how much was collected.

Georgia Tax Collections 2020 vs. 2019
Type of Tax2020 amount2019 amount
Selective sales and gross receipts taxes$3,375,043,000$3,259,155,000
Alcoholic beverages license$4,124,000$4,508,000
Motor vehicle operators license$117,406,000$116,455,000
Other selective sales and gross receipts taxes$513,666,000$488,218,000
Corporations in general license$74,243,000$66,937,000
Individual income taxes$11,704,328,000$12,176,943,000
Occupation and business license, NEC$79,211,000$79,969,000
Taxes, NEC$152,391,000$179,631,000
Tobacco products sales tax$225,531,000$223,363,000
Corporations net income taxes$984,087,000$1,271,270,000
Motor vehicle license$375,639,000$387,076,000
Alcoholic beverages sales tax$207,639,000$198,770,000
Motor fuels sales tax$1,873,220,000$1,837,954,000
General sales and gross receipts taxes$6,163,508,000$6,250,310,000
Insurance premiums sales tax$554,987,000$510,850,000
Other license taxes$30,596,000$30,030,000
Hunting and fishing license$35,899,000$35,899,000
Source: U.S. Census Bureau

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