Georgia’s net tax collections for August totaled $1.69 billion, for an increase of $108 million, or 6.8 percent, according to information released Monday morning by Governor Nathan Deal's office.
The numbers were compared to August 2015, when net tax collections totaled $1.58 billion. Year-to-date, net tax revenue receipts totaled almost $3.3 billion, for an increase of nearly $134.7 million, or 4.3 percent, compared to last year.
According to a press statement, the changes within the following tax categories account for August’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for the month totaled $870.2 million, an increase of $75.9 million, or 9.5 percent, compared August 2015, when net income tax collections totaled $794.4 million.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax refunds issued (net of voided checks) were up $53.3 million, or 103.8 percent. Individual income tax refunds, previously slowed down by increased fraud detection efforts by the Department of Revenue, are now caught up and no longer delayed.
•Individual Withholding payments for the month were up $122.4 million, or 15.3 percent.
•Non-Resident Income Tax Return payments were up $10.2 million, or 145.8 percent.
•All other Individual Tax categories, including Estimated Tax payments, were down a combined $3.4 million.
Sales and Use Tax: Gross Sales Tax collections increased $6.6 million, or 0.7 percent, over last year. Net Sales Tax totaled $475.2 million, for an increase of nearly $21.3 million, or 4.7 percent, compared to August 2015, when net sales tax totaled $453.9 million. The adjusted Sales Tax distribution to local governments totaled $409.2 million, which was a decrease of roughly $12.4 million, or -2.9 percent, compared to last year. Sales Tax refunds also decreased by $2.3 million, or -40.6 percent, compared to August 2015.
Corporate Income Tax: Corporate Income Tax collections in August totaled $20.4 million, for an increase of $0.8 million, or 4.2 percent, compared to last year, when net Corporate Tax revenues totaled $19.6 million.
The following notable components within Corporate Income Tax make up the net increase:
•Corporate Tax refunds issued (net of voided checks) were down $8.1 million, or -70.9 percent.
•Corporate Income Tax Estimated payments decreased by $7.8 million, or -33.2 percent.
•All other Corporate Tax components combined for an increase of $0.5 million over last year.
Motor Fuel Taxes: Motor Fuel Tax collections in August totaled $147.2 million, for an increase of $3.2 million, or 2.2 percent, compared to August 2015.
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections increased by $1.4 million, or 4.7 percent, compared to August 2015. Title ad Valorem Tax collections totaled nearly $82.9 million, for an increase of $5 million, or 6.4 percent, compared to last year.
http://accesswdun.com/article/2016/9/444992/governors-office-georgia-tax-revenues-up-in-august