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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:
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 $27.2 million in November.
The following notable components within Corporate Income Tax make up the net decrease:
Motor Fuel Taxes: Motor Fuel Tax collections for the month fell by roughly **$**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.