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.
http://accesswdun.com/article/2016/12/477658/gov-deal-tax-revenues-up-for-november