Deal: June tax revenues up 3.1 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for June totaled nearly $1.82 billion, an increase of $55.2 million, or 3.1 percent, compared to June 2014. Net tax revenue collections for the completed fiscal year totaled approximately $19.03 billion for an increase of nearly $1.15 billion, or 6.4 percent, compared to the previous fiscal year, when net tax revenues totaled $17.88 billion. Year-to-date gross tax deposits, before refunds and distributions to local governments, totaled $26.44 billion, which was an increase of $1.5 billion, or 6 percent, compared to the year-end total for FY 2014.
The changes within the following tax categories account for June’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for June totaled nearly $913.9 million, up from a total of nearly $885.3 million in June 2014, for an increase of $28.6 million, or 3.2 percent.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax Estimated payments were up $24.1 million, or 17.9 percent.
• Income Tax refunds, which totaled $77.8 million during the month, were up $36.6 million, or 89 percent.
• Individual Income Tax Withholding payments were up $34.6 million, or 4.6 percent.
• All other Individual Tax categories, including Return payments and Assessments, were up $6.5 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $868.1 million, which was an increase of almost $23.3 million, or 2.8 percent, compared to June 2014. Furthermore, net Sales Tax revenue increased $12.6 million, or 2.8 percent, compared to June 2014, when net Sales Tax totaled $448.8 million. The adjusted distribution of sales tax to local governments totaled nearly $400 million, for an increase of roughly $5.3 million, or 1.3 percent, compared to last year. Sales Tax refunds increased $5.4 million compared to June 2014.
Corporate Income Tax: Corporate Income Tax collections for June decreased $8.5 million, or -4.2 percent, compared to June 2014, when net Corporate Tax revenues totaled $201 million.
The following notable components within Corporate Income Tax make up the net decrease:
• Corporate Tax refunds issued (net of voids) were down $5.8 million, or -52.8 percent.
• Corporate Estimated payments were down roughly $19.7 million, or -10 percent.
• Corporate Income Tax Return payments were up $4.2 million, or 48.5 percent.
• All other Corporate Tax categories, including S-Corp and Net Worth payments, increased $1.2 million.
Motor Vehicle Tag & Title Fees: Fee collections totaled nearly $112.9 million, for an increase of $20.5 million, or 22.2 percent compared to June 2014, when net collections totaled $92.4 million.
