Georgia State and Local Tax (SALT) Alerts
State and Local Tax Insights
Net Tax Collection Up by 4.8% from 2018 | Georgia Encourages Taxpayers to take Advantage of the Voluntary Disclosure Agreement (VDA) Program
- Georgia’s June net tax collections equaled nearly $2.12 billion, for an increase of $146 million (7.4%) compared to June 2018, when net tax collections totaled nearly $1.98 billion. The state also announced that net tax collections for the fiscal year that ended June 30, 2019, totaled $23.79 billion, which was an increase of nearly $1.09 billion (4.8%) compared to fiscal year 2018, when net tax revenues totaled almost $22.71 billion.
- Do you owe Georgia state taxes? If so, you can take advantage of the department’s Voluntary Disclosure Agreement (VDA). The VDA program encourages taxpayers who have unfiled or underreported tax liabilities and haven’t yet been contacted by the department to voluntarily come forward. Qualified taxpayers have the opportunity to receive a waiver of all penalties and a limit of the length of time they must disclose and pay previous liabilities. This length of time, called the “look-back period,” generally is three years, depending on your particular circumstances. Learn more about the VDA here: https://bit.ly/2y43xor