July State Tax Revenues up 3.5%
Tuesday, August 7th, 2018
Gov. Nathan Deal announced that Georgia’s net tax collections for July, the first month of FY 2019, totaled nearly $1.78 billion, for an increase of $59.4 million, or 3.5 percent, compared to last year when net tax collections totaled almost $1.72 billion. July’s gross tax revenue receipts totaled $2.41 billion, for an increase of $136 million, or 6 percent, over July 2017.
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 July totaled $897.1 million, for an increase of $35.6 million, or 4.1 percent, compared to last year when Individual Income Tax collections totaled $861.5 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 $29.6 million, or 34.4 percent.
- Individual Withholding payments were up $53.7 million, or 6 percent.
- All other Individual Tax categories, including Estimated Tax payments, were up a combined $11.5 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by $66.2 million, or 6.9 percent, over last year. Net Sales and Use Tax increased by nearly $15.1 million, or 3 percent, compared to July 2017, when net sales tax totaled almost $508.8 million. The adjusted distribution of sales tax to local governments totaled $493.6 million, for an increase of $48.9 million, or 11 percent, over last year. Finally, sales tax refunds increased by roughly $2.2 million, or 56.2 percent, compared to July 2017.
Corporate Income Tax: Corporate Income Tax collections for July totaled roughly $31.9 million, for an increase of $12.5 million, or 64.7 percent, compared to last year when net Corporate Tax revenues totaled nearly $19.4 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Income Tax refunds issued (net of voided checks) were up $1.6 million, or 9.4 percent.
- Corporate Income Tax Estimated Return payments were up $12.6 million, or 48.5 percent.
- All other Corporate Tax payments were up roughly $1.5 million, or 14.7 percent.
Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by $7.7 million, or 5.3 percent, compared to last year when Motor Fuel Tax collections totaled nearly $146 million.
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month decreased by $5.1 million, or -15.2 percent, compared to last year when Motor Vehicle Tag & Title Fees totaled $33.6 million. Title Ad Valorem Tax collections totaled almost $72.6 million, for a decrease of $8.9 million, or -10.9 percent, over last year.