Deal: November tax revenues up 7.5 percent
December 7, 2015
Gov. Nathan Deal today announced that Georgia’s net tax collections for November totaled $1.64 billion, for an increase of $109.7 million, or 7.5 percent, over November 2014. Year-to-date, net tax revenue collections totaled nearly $8.4 billion, an increase of $699.5 million, or 9.1 percent, compared to November 2014, when net tax revenues totaled almost $7.7 billion.
House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $76.7 million in November. As a result, the total net revenue for November 2015 increased by 12.8 percent over November 2014.
The changes below within the following tax categories contributed to November’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month totaled approximately $831.4 million, up from roughly $747.7 million in November 2014, for an increase of nearly $83.7 million, or 11.2 percent.
Individual Income Tax: Individual Income Tax collections during the month totaled approximately $831.4 million, up from roughly $747.7 million in November 2014, for an increase of nearly $83.7 million, or 11.2 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were up $86 million, or 11.5 percent.
- Income Tax refunds, totaling roughly $52.6 million during the month, were up $21.6 million, or 69.8 percent.
- Individual Income Tax Estimated payments were up nearly $1.9 million, or 25.4 percent.
- All other Individual Tax categories, including Return and Non-Resident payments, were up $17.4 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $847.3 million, for an increase of roughly $1.9 million, or 0.2 percent, over November 2014. Net Sales Tax revenue decreased by nearly $5.8 million, or -1.3 percent, compared to the previous year, when net sales tax totaled $437.8 million. The adjusted distribution of sales and use tax to local governments totaled $399.4 million, an increase of less than $100,000, or 0.02 percent, compared to the previous year. Lastly, sales tax refunds increased by $7.6 million compared to November 2014.
Corporate Income Tax: Corporate Income Tax collections in November increased by approximately $5.1 million, up from the previous fiscal year, when net Corporate Tax revenues totaled $2.5 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Tax refunds issued (net of voids) were down $11.3 million, or -42.6 percent.
- Corporate Income Tax Return payments were down $4.6 million, or -43 percent.All other Corporate Tax categories, including Estimated and Net Worth payments, decreased by $1.6 million.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased by $2.6 million, or 13.6 percent, compared to November 2014. Title Ad Valorem Tax (TAVT) collections totaled nearly $69.4 million, for an increase of roughly $4.4 million, or 6.8 percent, over the previous year.
Related Files:
FY2016_NOV Fincl Comp Sum 12 04 15.pdf (29.05 KB)