Governor Nathan Deal today announced that Georgia’s net tax collections for July totaled nearly $1.72 billion, for an increase of $113.4 million, or 7.1 percent, compared to last year when net tax collections totaled roughly $1.61 billion. Gross tax revenue receipts for the month totaled $2.27 billion, for an increase of $112.5 million, or 5.2 percent, compared to July 2016.
The changes within the following tax categories contributed to the overall net tax revenue increase in July:
Individual Income Tax: Individual Income Tax collections for the month totaled $861.5 million, up from nearly $780.7 million in July 2016, for an increase of roughly $80.9 million, or 10.4 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) were down $15.5 million, or -15.2 percent.
- Individual Income Tax Withholding payments were up $64.9 million, or 7.7 percent.
- All other Individual Tax categories, including Estimated payments, were up a combined $0.5 million.
Sales and Use Tax: Gross Sales and Use Tax collections deposited during the month increased by $46.7 million, or 5.1 percent, compared to July 2016. Net Sales and Use Tax revenue increased by $24.7 million, or 5.1 percent, compared to last year when net sales and use totaled $484 million. The adjusted distribution of sales tax to local governments totaled $444.7 million, for an increase of $27.5 million, or 6.6 percent, compared to July 2016. Finally, sales tax refunds decreased by $5.5 million, or -58 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections for July totaled nearly $19.4 million, for an increase of $13 million, or 205.6 percent, compared to last year when net Corporate Tax revenues totaled $6.3 million.
The following components within Corporate Income Tax make up the net increase:
- Corporate Tax refunds issued (net of voided checks) were down $13.5 million, or -44.1 percent.
- Corporate Tax Return payments were up $3.2 million, or 73.6 percent.
- All other Corporate Taxes, including Estimated payments, were down a combined $3.7 million, or -11.4 percent.
Motor Fuel Taxes: Motor Fuel Tax collections for July decreased by nearly $0.1 million, or -0.1 percent, compared to last year when Motor Fuel Tax revenues totaled $146.1 million.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections for July increased by $7.4 million, or 28.4 percent, compared to July 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled $81.5 million, for a decrease of $10 million, or -11 percent, compared to last year.
http://accesswdun.com/article/2017/8/567822/georgia-tax-collections-up-71-in-july