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Monday July 16th, 2018 12:52AM

June tax revenues in Georgia inch up 1-percent

By AccessWDUN Staff

Georgia’s net tax collections for June totaled $1.98 billion, for an increase of $20.5 million, or 1 percent, compared to last year when net tax collections totaled nearly $1.96 billion.

Year-to-date, net tax collections totaled roughly $22.71 billion, for an increase of $961.3 million, or 4.4 percent, compared to June 2017, when net tax revenues totaled almost $21.75 billion.

The numbers were released Monday morning by Gov. Nathan Deal's office.

The changes within the following tax categories contributed to the overall net tax revenue increase in June:

Individual Income Tax: Individual Income Tax collections for June decreased by $10.4 million, or -1.1 percent, compared to last year when Income Tax collections totaled $958.2 million.

The following notable components within Individual Income Tax combine for the net decrease:

  • Individual Income Tax refunds issued (net of voided checks) were up $41 million, or 29.4 percent.
  • Individual Withholding payments were up $24.6 million, or 2.9 percent.
  • Individual Income Tax Estimated payments were up $11 million, or 6.9 percent.
  • All other Individual Tax categories, including Non-Resident Return payments, were down a combined $5 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled $992.5 million, for an increase of $61.3 million, or 6.6 percent, over last year. Net Sales and Use Tax increased by nearly $24.3 million, or 5 percent, compared to June 2017, when net sales tax totaled $483 million. The adjusted distribution of sales tax to local governments totaled $483.4 million, for an increase of $40.8 million, or 9.2 percent, over last year. Finally, sales tax refunds decreased by roughly $3.7 million, or 66.8 percent.

Corporate Income Tax: Corporate Income Tax collections for June decreased by $10.6 million, or -5.5 percent, compared to last year when Corporate Tax collections totaled $193.3 million.

The following components within Corporate Income Tax make up the net decrease:

  • Corporate Income Tax refunds issued (net of voided checks) were up $23.2 million, or 266.7 percent.
  • Corporate Income Tax payments were up $7.8 million, or 62.1 percent.
  • All other Corporate Tax categories, including Corporate Estimated payments, were up roughly $4.8 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled nearly $160.8 million, for an increase of $11.9 million, or 8 percent, compared to June 2017.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $32.2 million, for an increase of almost $1.8 million, or 5.8 percent, over last year. Title Ad Valorem Tax (TAVT) collections increased by roughly $2.9 million, or 4 percent, compared to June 2017, when TAVT collections totaled $71.6 million.

 

  • Associated Categories: Local/State News, Politics, Submitted News
  • Associated Tags: business news, tax revenues, tax collections, economic news, Gov. Nathan Deal
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