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Friday, July 19, 2019
   
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Economic Development

July 8 - June Net Tax Revenues Up 7.4%

Category: Economic Development

Savannah Business Journal Staff Report

July 8, 2019 - Georgia’s June net tax collections totaled roughly $2.12 billion for an increase of $146 million, or 7.4%, compared to June 2018 when net tax collections totaled nearly $1.98 billion. Net tax collections for the fiscal year (FY) ended on June 30, 2019 and totaled $23.79 billion, which was an increase of nearly $1.09 billion, or 4.8%, compared to FY 2018 when net tax revenues totaled almost $22.71 billion.

Changes within these tax categories explain June’s overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections totaled roughly $1.04 billion, for an increase of $96.3 million, or 10.2%, compared to last year when Income Tax collections totaled almost $947.8 million. The following components within Individual Income Tax combine for the net increase:

▪ Individual Income Tax refunds issued (net of voided checks) were down $71.9 million, or -39.9%.

▪ Individual Estimated Tax payments increased $10.3 million, or 6.1%, over last year.

▪ Income Tax Withholding payments for the month decreased by $23 million, or -2.6%.

▪ Individual Income Tax Non-Resident Return payments increased $24.6 million, or 84.5%.

▪ All other categories, including Income Tax Return payments, increased for a combined $12.5 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $1.07 billion for an increase of $76.2 million, or 7.7%, over June 2018. Net Sales and Use Tax increased by $20.4 million, or 4%, compared to last year when net sales tax totaled $507.3 million. The adjusted Sales Tax distribution to local governments increased by nearly $50.5 million, or 10.4%, over last year to a total of $533.8 million, while Sales Tax Refunds increased by $5.3 million to a total of $7.1 million compared to $1.9 million in FY 2018.

Corporate Income Tax: Corporate Income Tax collections totaled $225.8 million, for an increase of $43.1 million, or 23.6%, from last year when Corporate Tax collections totaled $182.7 million. The following components within Corporate Income Tax comprise the net increase:

▪ Corporate Income Tax refunds (net of voids) decreased by $9.4 million, or -29.5%, from last year.

▪ Corporate Estimated Tax payments increased by roughly $31 million, or 16.6%, for the month.

▪ All other Corporate Tax types, including Corporate Income Tax payments, increased for a combined $2.7 million.

Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $3.7 million, or 2.3%, compared to FY 2018.

Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees fell by $4.1 million, or -12.8%, and Title Ad Valorem Tax (TAVT) collections decreased by $10.8 million, or -14.5%, compared to June of last year. 

 

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