Deal: August tax revenues up 9.4 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for August totaled $1.58 billion, an increase of $130.5 million, or 9.4 percent, compared to August 2014. Year-to-date, net tax revenue collections totaled $3.16 billion, for an increase of nearly $281 million, or 9.8 percent, compared to the previous year, when net tax revenues totaled $2.88 billion.

House Bill 170, which introduced an array of tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $59.5 million in August. As a result, the total revenue for August 2015 increased 13.6 percent over August 2014.

The changes below within the following tax categories contribute to August’s overall net tax revenue increase:
 
Individual Income Tax: Individual Income Tax collections for August totaled roughly $794.4 million, up from a total of nearly $714.0 million in August 2014, for an increase of $80.4 million, or 11.3 percent.

The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax Withholding payments were up nearly $72.6 million, or 10 percent.
• Income Tax refunds, which totaled $51.3 million during the month, were up $0.2 million, or 0.4 percent.
• All other Individual Tax categories, including Estimated and Return payments, were up a combined $8 million.

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $881.2 million, which was an increase of $43.3 million, or 5.2 percent, over the previous year. Net Sales Tax revenue increased $31.3 million, or 7.4 percent, compared to August 2014, when net sales tax totaled almost $422.6 million. The adjusted distribution of sales tax to local governments totaled $421.6 million, for an increase of $14.5 million, or 3.6 percent, compared to last year. Lastly, sales tax refunds decreased $2.5 million compared to August 2014. 

Corporate Income Tax: Corporate Income Tax collections for August increased by $6.2 million, or 46.6 percent, compared to August 2014, when net Corporate Tax revenues totaled nearly $13.4 million.

The following notable components within Corporate Income Tax make up the net increase:

• Corporate Tax refunds issued (net of voids) were down $3.7 million, or -24.4 percent.
• Corporate Estimated payments were up nearly $4.8 million, or 25.5 percent.
• All other Corporate Tax categories, including Return and Net Worth payments, decreased $2.3 million.  

Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased approximately $3.1 million, or 11.4 percent compared to August 2014. Title Ad Valorem Tax collections totaled $77.8 million, for an increase of approximately $9.1 million, or 13.2 percent, compared to the previous fiscal year.