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Sunday May 19th, 2019 9:35PM

Gov. Deal: Tax revenues up for November

By AccessWDUN Staff

Georgia's net tax collections for the month of November rose 4.6 percent over November 2015, according to information released Tuesday afternoon by Gov. Nathan Deal's office. 

The amount collected totaled nearly $1.72 billion, for an increase of $75.9 million. Year-to-date, net tax revenue collections totaled approximately $8.8 billion, for an increase of $399.1 million, or 4.8 percent, over last year when net tax revenues totaled almost $8.4 billion at the end of November.

The changes within the following tax categories account for November’s overall net tax revenue increase:
 
Individual Income Tax: Individual Income Tax collections for November totaled nearly $863.9 million, an increase of $32.5 million, or 3.9 percent, compared to last year, when net income tax collections totaled $831.4 million.

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

  • Individual Income Tax Withholding payments were up $49 million, or 5.9 percent.
  • Income Tax refunds, totaling $65.2 million during the month, were up $12.6 million, or 24 percent.
  • Individual Estimated Tax Return payments increased $4.3 million, or 46.8 percent.
  • All other Individual Tax categories, including Individual Return payments, were down a combined $8.2 million.

Sales and Use Tax: Gross Sales Tax collections for November increased approximately $18.9 million, or 2.2 percent, over last year. Net Sales Tax totaled $457.5 million, for an increase of $25.4 million, or 5.9 percent, compared to November 2015, when net sales tax totaled $432.1 million. The adjusted Sales Tax distribution to local governments totaled $404.1 million, which was an increase of roughly $4.8 million, or 1.2 percent, compared to last year. Sales Tax refunds decreased by $11.4 million, or -71.5 percent, compared to November 2015.

Corporate Income Tax: Corporate Income Tax collections increased $9.4 million, or 124.4 percent, compared to November 2015, when corporate income tax collections totaled nearly $7.6 million.

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

  • Corporate Tax refunds issued (net of voided checks) were up $1.6 million, or 10.8 percent.
  • Corporate Income Tax Return payments were up $4.4 million, or 71.3 percent.
  • Corporate Estimated Tax Return payments were up roughly $6.9 million, or 49.4 percent.
  • All other Corporate Tax categories, including Corporate S-Corp payments, decreased $0.3 million.

Motor Fuel Taxes: Motor Fuel Tax collections in November totaled $150.6 million, for an increase of $5.4 million, or 3.7 percent, compared to November 2015.

Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased by nearly $3.9 million, or 17.6 percent, compared to November 2015 while Title Ad Valorem Tax collections increased $9.7 million, or 14 percent over last year.

 

  • Associated Categories: Business News, Local/State News, Politics
  • Associated Tags: Nathan Deal, tax revenues, Gov. Nathan Deal, tax collections
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