Governor Nathan Deal announced today that Georgia’s net tax collections for July, the first month of FY 2019, totalled near $1.78 billion. This is an increase of $59.4 million, or 3.5%, compared to last year. I am excited for Georgia’s future and look forward to our continued economic growth! Check out details from the press release below or click here to read the original article.
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 totald 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 (TAVT) collections totaled almost $72.6 million, for a decrease of $8.9 million, or -10.9 percent, over last year.