February State Tax Revenues up 4.8%
Monday, March 12th, 2018
Gov. Nathan Deal announced that Georgia’s net tax collections for February totaled $1.23 billion, for an increase of nearly $55.9 million, or 4.8 percent, compared to last year when net tax collections totaled almost $1.18 billion. Year-to-date, net tax collections totaled $15.1 billion, for an increase of roughly $868.8 million, or 6.1 percent, over February 2017, when net tax revenues totaled $14.23 billion.
The changes within the following tax categories contributed to the overall net tax revenue increase in February:
Individual Income Tax: Individual Income Tax collections for the month totaled $476.5 million, up from $451.9million in February 2017, for an increase of $24.6 million, or 5.4 percent.
The following notable components within Individual Income Tax combine for the net increase:
· Individual Income Tax refunds issued (net of voided checks) were up $43.5 million, or 8.1 percent.
· Individual Withholding payments were up approximately $54.2 million, or 5.8 percent.
· Individual Income Tax Return payments were up $16 million, or 142.2 percent.
· All other Individual Tax categories, including Estimated Return payments, were down a combined $2.1million.
Sales and Use Tax: Gross Sales and Use Tax collections deposited during the month totaled nearly $899.7 million, for an increase of $87.7 million, or 10.8 percent, over last year. Net Sales and Use Tax revenue totaled $459.5 million, for an increase of $38.6 million, or 9.2 percent, compared to February 2017, when net sales tax totaled almost $420.9 million. The adjusted distribution of sales tax to local governments totaled $434.3 million, for an increase of $49.6 million, or 12.9 percent, over last year. Finally, sales tax refunds decreased by roughly $0.6 million, or -8.6 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections and refunds for February combined for a net decrease of roughly $5.6 million, or -23.8 percent, compared to the previous fiscal year when net Corporate Taxrefund outlays outstripped revenue collections by a total of $23.3 million.
The following components within Corporate Income Tax make up the net decrease:
· Corporate Income Tax refunds issued (net of voids) were up $12.7 million, or 28.3 percent.
· Corporate Income Tax Estimated payments were up $1.1 million, or 7.3 percent.
· All other Corporate Tax categories, including Corporate Return payments, were up a combined $6million.
Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled almost $142.8 million, for an increase of$4.1 million, or 3 percent, compared to February 2017.
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for February increased by less than$0.4 million, or 1 percent, compared to last year. Title Ad Valorem Tax collections increased by roughly$1.4 million, or 1.7 percent, compared to February 2017, when TAVT collections totaled $82.2 million.