Deal: May tax revenues up 1.8 percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for May totaled almost $1.76 billion, for an increase of $31.5 million, or 1.8 percent, compared to last year when net tax collections totaled nearly $1.73 billion. Year-to-date, net tax collections totaled $20.73 billion, for an increase of $940.8 million, or 4.8 percent, compared to May 2017, when net tax revenues totaled roughly $19.79 billion.
 
The changes within the following tax categories contributed to the overall net tax revenue increase in May:
 
Individual Income Tax: Individual Income Tax collections for May increased by $12.4 million, or 1.4 percent, compared to last year when Income Tax collections totaled $871.4 million.
 
The following notable components within Individual Income Tax combine for the net increase:

• Individual Income Tax refunds issued (net of voided checks) were up $26 million, or 17.6 percent.
• Individual Withholding payments were up $43.3 million, or 4.7 percent.
• Individual Income Tax Return payments were down roughly $7.9 million, or -18.7 percent.
• All other Individual Tax categories, including Non-Resident Return payments, were up a combined $3 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $975.8 million, for an increase of $65.5 million, or 7.2 percent, over last year. Net Sales and Use Tax increased by nearly $15.6 million, or 3.3 percent, compared to May 2017, when net sales tax totaled $479.1 million. The adjusted distribution of sales tax to local governments totaled $473.1 million, for an increase of $46.1 million, or 10.8 percent, over last year. Finally, sales tax refunds increased by roughly $3.8 million, or 90.7 percent, to a total of $8.1 million.
 
Corporate Income Tax: Corporate Income Tax collections for May increased by $5.3 million, or 15.8 percent, compared to last year when Corporate Tax collections totaled $33.4 million.
 
The following notable components within Corporate Income Tax make up the net increase:

• Corporate Income Tax refunds issued (net of voided checks) were down $10.7 million, or -43.2 percent.
• Corporate Income Tax payments were down $3.7 million, or -23.5 percent. 
• All other Corporate Tax categories, including S-Corp payments, were down approximately $1.7 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled almost $151.7 million, for an increase of $4.9 million, or 3.3 percent, compared to May 2017.
 
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $32.1 million, for an increase of $2.4 million, or 8.2 percent, over last year. Title Ad Valorem Tax (TAVT) collections decreased by nearly $1.9 million, or -2.4 percent, compared to May 2017, when TAVT collections totaled $75.9 million.