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Tuesday June 18th, 2019 3:10PM

Kemp: Tax collections increase 7% in March

By AccessWDUN Staff

Gov. Brian Kemp's office released details of Georgia's net tax collection in a Monday statement. 

According to press information, the State of Georgia’s net tax collections for March totaled nearly $1.67 billion for an increase of $109 million, or 7 percent, compared to March 2018, when net tax collections totaled almost $1.56 billion. Year-to-date, net tax collections totaled $17.04 billion for an increase of $380 million, or 2.3 percent, compared to the previous fiscal year, when net tax revenues totaled $16.66 billion through three quarters.

The statement outlined specific areas of revenue income as follows:

Individual Income Tax: Individual Income Tax collections totaled almost $774 million, for an increase of $64.1 million, or 9 percent, compared to last year when Income Tax collections totaled $709.8 million.

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

• Individual Income Tax refunds issued (net of voided checks) were down $51 million or -8.7 percent 
• Individual Withholding payments for March fell by $45.8 million, or -4 percent, compared to last year 
• Individual Non-Resident Income Tax Return payments increased $24.3 million or 43.6 percent 
• All other categories, including Income Tax Assessment payments, were up a combined $34.6 million

Sales and Use Tax: Gross Sales and Use Tax collections increased by $59.3 million, or 6.7 percent, over last year’s total of $887.2 million. Net Sales and Use Tax increased by nearly $17.5 million, or 3.9 percent, over March 2018 when net sales tax totaled roughly $451 million. The adjusted Sales Tax distribution to local governments totaled $473.9 million for an increase of $48.7 million, or 11.4 percent, over last year. Lastly, Sales Tax Refunds fell by roughly $6.8 million, or -62.1 percent, compared to FY 2018.

Corporate Income Tax: Corporate Income Tax collections for March totaled nearly $109.3 million, which was an increase of $27.9 million, or 34.3 percent, over last year’s total of $81.4 million.

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

• Corporate Income Tax refunds (net of voids) decreased slightly by -0.2 percent from last year’s total 
• Corporate Income Tax Estimated payments increased by $5.5 million or 11.1 percent

• Corporate Income Tax Return payments increased by $2.2 million or 6.9 percent

• All other Corporate Tax types, including Business Occupation Tax payments, were up a combined $20.1 million

Motor Fuel Taxes: Motor Fuel Tax collections increased by $3 million, or 2.2 percent, compared to FY 2018.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by $1.8 million, or -4.7 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $1.2 million, or 1.9 percent, over last year’s total of $62.6 million.

  • Associated Categories: Homepage, Business News, Local/State News, Politics
  • Associated Tags: business news, tax revenues, tax collections, Gov. Brian Kemp , March tax revenues
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Kemp: Tax collections increase 7% in March
The State of Georgia’s net tax collections for March totaled nearly $1.67 billion for an increase of $109 million, or 7 percent, compared to March 2018.
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