Deal: November tax revenues up 7.3 percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for November totaled $1.84 billion, for an increase of nearly $124.7 million, or 7.3 percent, compared to last year when net tax collections totaled $1.72 billion. Year-to-date, net tax collections totaled almost $9.04 billion, for an increase of $238.6 million, or 2.7 percent, over November 2016, when net tax revenues totaled roughly $8.8 billion, five months into the fiscal year.

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

Individual Income Tax: Individual Income Tax collections for the month totaled $954.6 million, up from approximately $863.9 million in November 2016, for an increase of nearly $90.8 million, or 10.5 percent.

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

• Individual Income Tax refunds issued (net of voided checks) were down $7.1 million, or -10.9 percent.
• Individual Withholding payments were up $78 million, or 8.8 percent.
• Individual Income Tax Return payments were up $8.9 million, or 230.2 percent.
• All other Individual Tax categories, including Estimated Tax payments, were down a combined $3.2 million.

Sales and Use Tax: Gross Sales and Use Tax collections deposited during the month totaled $911.7 million, for an increase of $45.5 million, or 5.3 percent, over last year. Net Sales and Use Tax revenue totaled $465.9 million, for an increase of $8.4 million, or 1.8 percent, compared to November 2016, when net sales tax totaled $457.5 million. The adjusted distribution of sales tax to local governments totaled $442.6 million, for an increase of almost $38.5 million, or 9.5 percent, over last year. Finally, sales tax refunds decreased by $1.4 million, or -30.8 percent, from a total of $4.5 million in November 2016. 

Corporate Income Tax: Corporate Income Tax collections for November increased by $7.3 million, or 42.8 percent, compared to last year when net Corporate Tax collections totaled $17 million.

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

• Corporate Income Tax refunds issued (net of voided checks) were down $9.2 million, or -54.2 percent.
• Corporate Tax Estimated payments were up $5 million, or 23.6 percent.
• All other Corporate Tax categories, including Corporate Return payments, were down a combined $6.9 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $154.5 million, for an increase of $3.9 million, or 2.6 percent, compared to November 2016.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November totaled $27.2 million, for an increase of $1.4 million, or 5.5 percent, over last year. Title Ad Valorem Tax (TAVT) collections decreased by $4.1 million, or -5.1 percent, compared to November 2016, when TAVT collections totaled approximately $79.1 million.