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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:
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:
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