Deal: March tax revenues down -0.5 percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for March totaled nearly $1.56 billion, for a decrease of $8.2 million, or -0.5 percent, compared to last year when net tax collections totaled almost $1.57 billion. Year-to-date, net tax collections totaled $16.66 billion, for an increase of $860.6 million, or 5.4 percent, compared to March 2017, when net tax revenues totaled $15.8 billion nine months into the fiscal year.

The changes within the following tax categories contributed to the overall net tax revenue decrease in March:

Individual Income Tax: Individual Income Tax collections for March totaled $709.8 million, for a decrease of $23.8 million, or -3.2 percent, compared to last year when Income Tax collections totaled almost $733.7 million.

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

• Individual Income Tax refunds issued (net of voided checks) were down $2 million, or -0.3 percent.
• Individual Withholding payments were down $5.5 million, or -0.5 percent.
• Individual Income Tax Return payments were up roughly $6.2 million, or 12.5 percent.
• All other Individual Tax categories, including Non-Resident tax payments, were down a combined $26.5 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled $887.2 million, an increase of $61.1 million, or 7.4 percent, over last year. Net Sales and Use Tax totaled almost $451 million, for an increase of $15.8 million, or 3.6 percent, over March 2017. The adjusted distribution of sales tax to local governments totaled $425.2 million, for an increase of nearly $44 million, or 11.5 percent, over last year. Finally, sales tax refunds increased by $1.3 million, or 13.5 percent, to a total of $11 million.

Corporate Income Tax: Corporate Income Tax collections for March decreased by roughly $15.5 million, or -16 percent, compared to March 2017, when Corporate Tax collections totaled $96.9 million.

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

• Corporate Income Tax refunds issued (net of voided checks) were down $20.7 million, or -57.5 percent.
• Corporate Income Tax payments were down approximately $14.6 million, or -31 percent.
• All other Corporate Tax categories, including Corporate Estimated payments, were down $21.6 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $136.5 million, for an increase of nearly $4.7 million, or 3.5 percent, compared to March 2017.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $37.9 million, for an increase of $6.3 million, or 20 percent, over last year. Title Ad Valorem Tax (TAVT) collections decreased by roughly $13.6 million, or -17.9 percent, compared to March 2017, when TAVT collections totaled nearly $76.3 million.