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December Net Tax Revenues Up 3%

January 13, 2020

The State of Georgia’s December net tax collections totaled nearly $2.23 billion, for an increase of $65.8 million, or 3 percent, compared to the previous fiscal year, when net tax collections totaled roughly $2.16 billion.  Year-to-date, net tax collections totaled $11.85 billion, for an increase of roughly $32.3 million, or 0.3 percent, compared to FY 2019 when net tax revenues totaled almost $11.82 billion.

The changes within the following tax categories help further explain December’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections totaled nearly $1.16 billion, for an increase of $14.4 million, or 1.3 percent, compared to December 2018 when Income Tax collections totaled $1.14 billion.

The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax refunds issued (net of voided checks) increased by $41.4 million or 167.4 percent
• Individual Withholding payments for December were up $36.7 million, or 3.4 percent, over last year
• Individual Income Tax Estimated payments for the month were up $4.6 million or 11 percent
• All other Individual Tax categories, including Non-Resident Return payments, were up a combined $14.5 million

Sales and Use Tax:  Gross Sales and Use Tax collections increased by $15.4 million, or 1.5 percent, up from a total of $1.04 billion in FY 2019.  Net Sales and Use Tax increased by approximately $0.2 million compared to last year when net sales tax totaled $526.1 million.  The adjusted Sales Tax distribution to local governments totaled $524.1 million, for an increase of $21.2 million, or 4.2 percent, while Sales Tax Refunds fell by roughly $6 million, or -53.3 percent, from a total of $11.2 million in FY 2019.

Corporate Income Tax:  Corporate Income Tax collections increased by nearly $66.5 million, or 36.9 percent, compared to FY 2019 when Corporate Tax collections totaled approximately $180 million for December.

The following notable components within Corporate Income Tax make up the net increase:
Corporate Income Tax refunds issued (net of voids) were up $16.9 million or 142.1 percent

• Corporate Estimated Tax payments for the month increased by $67.9 million or 43.7 percent
• Corporate Income Tax Return payments were up $16.1 million, or 67.7 percent, over last year
• All other Corporate Tax categories, including Corporate S-Corp payments, were down a combined $0.6 million  

Motor Fuel Taxes:  Motor Fuel Tax collections increased by nearly $0.7 million, or 0.5 percent, compared to FY 2019.

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fees decreased by $0.5 million, or -2 percent, compared to last year, while Title Ad Valorem Tax (TAVT) collections declined by almost $19 million, or -28.5 percent.

Kemp: November Net Tax Revenues Down 1.2%

December 06, 2019

The State of Georgia’s net tax collections in November totaled almost $1.81 billion, for a decrease of $22.4 million, or -1.2 percent, compared to FY 2019 when net tax collections totaled $1.83 billion.  Year-to-date, net tax revenue collections totaled $9.62 billion, for a decrease of roughly $33.6 million, or -0.3 percent, compared to FY 2019.

The changes within the following tax categories account for November’s overall net tax revenue decrease:
 
Individual Income Tax:  Individual Income Tax collections for November declined by $31.3 million, or -3.4 percent, down from last year when net Individual Tax revenues totaled just over $932 million.

The following notable components within Individual Income Tax combine for the net decrease:
 

• Individual Income Tax refunds issued (net of voided checks) decreased by $8.9 million or -14.2 percent
• Individual Withholding payments declined by $53.1 million, or -5.6 percent, compared to last year
• Individual Income Tax Non-Resident Return payments were up $8.3 million or 157.1 percent
• All other Individual Tax categories, including Estimated Tax payments, were up a combined $4.6 million
   

Sales and Use Tax:  Gross Sales and Use Tax collections increased by $45.2 million, or 4.5 percent, from last year’s total of 1.01 billion.  Net Sales and Use Tax increased by $33.6 million, or 6.9 percent, compared to FY 2019, when net Sales Tax revenue totaled $488.7 million.  The adjusted Sales Tax distribution to local governments totaled approximately $531 million, for an increase of $9.3 million, or 1.8 percent, over the previous year.  Lastly, Sales Tax refunds increased by $2.3 million, or 165.1 percent, compared to November 2018.

Corporate Income Tax:  Net Corporate Income Tax collections decreased by $23.1 million, or -85.1 percent, compared to FY 2019 when net Corporate Tax revenues totaled nearly $27.2 million in November.

The following notable components within Corporate Income Tax make up the net decrease:

• Corporate Tax refunds issued (net of voided checks) increased by $19.7 million or 175.9 percent
• Corporate Income Tax Return payments were down $6.6 million, or -112.8 percent, from last year
• All other Corporate Tax payments, including Estimated Tax payments, increased by $3.2 million

Motor Fuel Taxes:  Motor Fuel Tax collections for the month fell by roughly **$**0.8 million, or -0.5 percent, from last year’s November total of $158.4 million.   

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections for November were down $4.7 million, or -15.1 percent, compared to FY 2019 when Motor Vehicle fees totaled roughly $30.9 million.  Title ad Valorem Tax (TAVT) collections also declined by $14.8 million, or -20.6 percent, compared to last year’s total of $71.7 million.

Kemp: October Net Tax Revenues Down 1.6%

November 08, 2019

The State of Georgia’s net tax collections in October totaled $1.98 billion, for a decrease of $32.3 million, or -1.6 percent, compared to last year when net tax collections totaled roughly $2.01 billion.  Year-to-date, net tax revenue collections totaled $7.81 billion, for a decrease of $11.2 million, or -0.1 percent, compared to October FY 2019.

The changes within the following tax categories account for October’s overall net tax revenue decrease:
 
Individual Income Tax:  Individual Income Tax collections for October increased by $1.2 million, or 0.1 percent, up from last year when net Individual Tax revenues totaled just over $1.05 billion.

The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax refunds issued (net of voided checks) increased by $17 million or 11.1 percent
• Individual Withholding payments declined by $52.6 million, or -5.1 percent, compared to last year
• Individual Income Tax Return payments were up $51.7 million, or 43.7 percent, over last year
• All other Individual Tax categories, including Non-Resident Tax payments, were up a combined $19.1 million

Sales and Use Tax:  Gross Sales and Use Tax collections increased by nearly $62.2 million, or 6.3 percent, from last year’s total of $994.3 million.  Net Sales and Use Tax decreased by $2.2 million, or -0.4 percent, compared to FY 2019, when net Sales Tax revenue totaled $525.1 million.  The adjusted Sales Tax distribution to local governments totaled $528.1 million, for an increase of roughly $64.8 million, or 14 percent, over the previous fiscal year.  Lastly, Sales Tax refunds fell by roughly $0.4 million, or -7.6 percent, compared to October 2018.

Corporate Income Tax:  Net Corporate Income Tax collections increased by $11.3 million, or 18 percent, compared to October 2018, when net Corporate Tax revenues totaled roughly $62.4 million for the month.

The following notable components within Corporate Income Tax make up the net increase: 

• Corporate Tax refunds issued (net of voided checks) increased by $13.8 million or 121.6 percent
• Corporate Income Tax Estimated payments were up $15.7 million, or 68.7 percent, over FY 2019
• Corporate Income Tax Return payments increased by $7.8 million, or 20.8 percent, over last year
• All other Corporate Tax payments, including S-Corp payments, combined for an increase of $1.6 million

Motor Fuel Taxes:  Motor Fuel Tax collections during the month increased by nearly $0.7 million, or 0.5 percent, up from a total of $150.2 million in FY 2019.   

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fee collections increased by $2.3 million, or 7.2 percent, compared to October 2018 when Motor Vehicle fees totaled nearly $32.7 million.  Title ad Valorem Tax (TAVT) collections, however