Deal: May revenues up 3.1 percent

Gov. Nathan Deal announced today that Georgia’s net tax revenue for May 2015 totaled $1.43 billion, which was an increase of nearly $43.3 million, or 3.1 percent, over May 2014. Year-to-date, net tax revenue collections totaled $17.21 billion, for an increase of $1.09 billion, or 6.8 percent, compared to the previous fiscal year, when net tax revenues totaled $16.12 billion through 11 months. Year-to-date gross tax collections, before refunds and distributions to local governments, totaled nearly $24.14 billion, which was an increase of roughly $1.41 billion, or 6.2 percent, compared to the year-to-date total of $22.73 billion in May 2014.

The changes within the following tax categories account for May’s overall net tax increase:
 
Individual Income Tax:  Individual Income Tax collections for May totaled $707.2 million, up from approximately $675.2 million in May 2014, for an increase of $32.0 million, or 4.7 percent.

The following notable components within Individual Income Tax account for the net increase:
•      Income Tax Withholding payments were up approximately $34 million, or 4.7 percent

•      Income Tax refunds, which totaled $136.9 million during the month, were up $10.7 million, or 8.4 percent

•      Non-Resident Income Tax Return payments were up $9.9 million, or 133.1 percent
•      All other Individual Tax categories, including Estimated Income Tax, were down $1.2 million

Sales and Use Tax:  Gross Sales Tax collections deposited during the month totaled $849.8 million, which was an increase of $18.1 million, or 2.2 percent, compared to May 2014. Net Sales Tax revenue increased $14.2 million, or 3.3 percent, compared to May 2014, when net Sales Tax totaled $428.8 million. The adjusted distribution of sales tax to local governments totaled $398.8 million, which was an increase of $9.2 million, or 2.4 percent, compared to last year’s total. Sales Tax refunds decreased $5.3 million compared to May 2014.

Corporate Income Tax:  Corporate Income Tax collections for May increased nearly $23 million, or 309 percent, compared to FY 2014, when Corporate Tax revenues totaled $7.4 million for the month.

The following notable components within Corporate Income Tax combine to make up the net increase: 
•      Corporate Tax refunds issued (net of voided checks) were down $6.2 million, or -41.6 percent

•      Corporate Estimated Tax payments were up approximately $10.7 million, or 83.9 percent

•      Corporate Income Tax Return payments were up $5.9 million, or 80 percent

•      All other Corporate Tax categories, including Net Worth and S-Corp, were up $200,000