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May Net Tax Revenue Up 0.1%
Atlanta, GA - Georgia’s May net tax collections totaled almost $1.76 billion for an increase of just over $1 million, or 0.1 percent, compared to May 2018. Year-to-date, net tax collections totaled $21.67 billion for an increase of $940.7 million, or 4.5 percent, compared to the previous fiscal year (FY) when net tax revenues totaled nearly $20.73 billion.
The changes within these tax categories explain May’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled $887.1 million for an increase of roughly $3.3 million, or 0.4 percent, compared to last year when Income Tax collections totaled $883.8 million.
These components within Individual Income Tax combine for the net increase:
▪ Individual Income Tax refunds issued (net of voided checks) were down $14.1 million, or -8.1 percent.
▪ Individual Income Tax Return payments were up $31.2 million, or 89.9 percent, over last year.
▪ Individual Withholding payments for the month decreased by $45.9 million or -4.7 percent.
▪ All other categories, including Estimated Income Tax payments, were up a combined $3.9 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled roughly $1.05 billion during the month for an increase of $69.3 million, or 7.1 percent, over May 2018. Net Sales and Use Tax increased by nearly $13.7 million, or 2.8 percent, compared to last year when net sales tax totaled $494.6 million. The adjusted Sales Tax distribution to local governments increased nearly $57.2 million, or 12.1 percent, from last year for a May distribution total of $530.3 million. Sales Tax Refunds decreased by $1.5 million, or -18.8 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections totaled $41.3 million, for an increase of $2.6 million, or 6.7 percent, over last year when corporate tax collections totaled $38.7 million.
The following components within Corporate Income Tax comprise the net increase:
▪ Corporate Income Tax refunds (net of voids) decreased by $4.5 million, or -32 percent, from last year.
▪ Corporate Income Tax Return payments increased by $12.9 million, or 106.2 percent, for the month.
▪ All other Corporate Tax types, including S-Corp tax payments, were down a combined $14.8 million.
Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $1.2 million, or 0.8 percent, compared to FY 2018.
Motor Vehicle - Motor Vehicle Tag & Title Fees fell by approximately $7.7 million, or -23.8 percent, while Title Ad Valorem Tax (TAVT) collections increased by roughly $3 million, or 4 percent, compared to May 2018.