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March Net Tax Revenues Up 7 percent
April 8, 2019
The State of Georgia’s net tax collections for March totaled nearly $1.67 billion for an increase of $109 million, or 7 percent, compared to March 2018, when net tax collections totaled almost $1.56 billion. Year-to-date, net tax collections totaled $17.04 billion for an increase of $380 million, or 2.3 percent, compared to the previous fiscal year, when net tax revenues totaled $16.66 billion through three quarters.
The changes within the following tax categories help further explain March’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled almost $774 million, for an increase of $64.1 million, or 9 percent, compared to last year when Income Tax collections totaled $709.8 million.
The following notable components within Individual Income Tax combine for the net increase:
Sales and Use Tax: Gross Sales and Use Tax collections increased by $59.3 million, or 6.7 percent, over last year’s total of $887.2 million. Net Sales and Use Tax increased by nearly $17.5 million, or 3.9 percent, over March 2018 when net sales tax totaled roughly $451 million. The adjusted Sales Tax distribution to local governments totaled $473.9 million for an increase of $48.7 million, or 11.4 percent, over last year. Lastly, Sales Tax Refunds fell by roughly $6.8 million, or -62.1 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections for March totaled nearly $109.3 million, which was an increase of $27.9 million, or 34.3 percent, over last year’s total of $81.4 million.
The following notable components within Corporate Income Tax make up the net increase:
Motor Fuel Taxes: Motor Fuel Tax collections increased by $3 million, or 2.2 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees declined by $1.8 million, or -4.7 percent, for the month, while Title Ad Valorem Tax (TAVT) collections increased by $1.2 million, or 1.9 percent, over last year’s total of $62.6 million.