Gov. Deal: October tax revenues up 17.7 percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for October totaled roughly $2.01 billion, for an increase of $302.6 million, or 17.7 percent, compared to last year when net tax collections totaled $1.71 billion. Year-to-date, net tax revenue collections totaled $7.83 billion, for an increase of $632.5 million, or 8.8 percent, compared to October 2017.

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

Individual Income Tax: Individual Income Tax collections for October totaled $1.05 billion, for an increase of $154.1 million, or 17.2 percent, compared to last year when Individual Income Tax collections totaled $897.5 million.

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

·         Individual Income Tax refunds issued (net of voided checks) were down $9 million, or -5.6 percent.

·         Individual Withholding payments were up nearly $108.2 million, or 11.8 percent.

·         Individual Income Tax Return payments were up roughly $35 million, or 42 percent.

·         All other Individual Tax categories, including Estimated Tax payments, were up a combined $1.9 million.

Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled $994.3 million, for an increase of $63.1 million, or 6.8 percent, compared to October 2017. Net Sales and Use Tax totaled $525.1 million, for an increase of $45.3 million, or 9.4 percent, compared to last year when Net Sales and Use Tax totaled $479.8 million. The adjusted distribution of sales tax to local governments totaled $463.3 million, for an increase of nearly $18.9 million, or 4.2 percent, over last year. Finally, sales tax refunds decreased by $1.1 million, or -15.8 percent, compared to October 2017.

Corporate Income Tax: Corporate Income Tax collections for October increased by $64.6 million, compared to last year when net Corporate Tax revenues totaled approximately -$2.2 million.

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

·         Corporate Tax refunds were down $56.8 million, or -83.4 percent.

·         Corporate Income Tax Return payments were up $30.7 million, or 454.8 percent.

·         Corporate Income Tax Estimated Return payments were down $27.6 million, or -54.8 percent.

·         All other Corporate Tax categories, including Corporate Net Worth payments, were up a combined $4.7 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $150.2 million, for an increase of nearly $3.8 million, or 2.6 percent, compared to October 2017.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month decreased by $0.6 million, or -1.9 percent, compared to October 2017. Title Ad Valorem Tax (TAVT) collections increased by nearly $1.1 million, or 1.4 percent, compared to last year.