Deal: June tax revenues up 2.6 percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for June totaled nearly $1.96 billion, for an increase of $50.2 million, or 2.6 percent, over last year. Year-to-date, net tax revenue collections totaled almost $21.75 billion, for an overall increase of $930.5 million, or 4.5 percent, compared to June 2016, when net tax revenues totaled $20.81 billion.

The changes within the following tax categories contributed to the overall net tax revenue increase in June:

Individual Income Tax: Individual Income Tax collections for the month totaled $958.2 million, up from $929.7 million in June 2016, for an increase of roughly $28.5 million, or 3.1 percent.

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

• Individual Income Tax Withholding payments were up $32.5 million, or 3.9 percent.
• Income Tax refunds, totaling $139.4 million during the month, were up $29.7 million, or 27.1 percent.
• Individual Income Tax Estimated Return payments were up $12.1 million, or 8.2 percent.
• All other Individual Tax categories, including Non-Resident payments, were up $13.6 million, or 21.7 percent.

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled nearly $931.2 million, for an increase of approximately $61.4 million, or 7.1 percent, over last year. Net Sales and Use Tax revenue increased $31 million, or 6.9 percent, compared to June 2016, when net sales tax totaled roughly $452 million. The adjusted distribution of sales tax to local governments totaled $442.6 million, which was an increase of $39.1 million, or 9.7 percent, over June 2016. Finally, sales tax refunds decreased by $8.7 million compared to last year.

Corporate Income Tax: Corporate Income Tax collections during June totaled nearly $193.3 million, for an increase of $15.2 million, or 8.5 percent, compared to last year when net Corporate Tax revenues totaled $178.1 million.

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

• Corporate Tax Estimated Return payments were up nearly $11.3 million, or 6.6 percent.
• Corporate Income Tax refunds decreased by $10.9 million, or -55.6 percent, from last year.
• All other Corporate Taxes, including S-Corp and Return payments, were down $7 million, or -25.6 percent.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $148.9 million, which was an increase of nearly $1.3 million, or 0.9 percent, compared to June 2016.

Motor Vehicle Tag & Title Fees: Tag and Title Fee collections for June decreased approximately $3.2 million, or -9.5 percent, compared to June 2016. Title Ad Valorem Tax (TAVT) collections totaled $71.6 million, for a decrease of $11.4 million, or -13.7 percent, compared to last year.