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Banking & Finance

Jan. 9 - December tax revenues for Georgia up 10 percent

Category: Banking & Finance

Savannah Business Journal Staff Report

January 9, 2018 - Gov. Nathan Deal recently announced that Georgia’s net tax collections for December totaled $2.26 billion, for an increase of $206.1 million, or 10 percent, compared to last year when net tax collections totaled nearly $2.06 billion. Year-to-date, net tax collections totaled $11.3 billion, for an increase of $444.7 million, or 4.1 percent, over December 2016, when net tax revenues totaled roughly $10.86 billion six months into the fiscal year.

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

Individual Income Tax: Individual Income Tax collections for the month totaled $1.26 billion, up from approximately $1.11 billion in December 2016, for an increase of approximately $146 million, or 13.1 percent.

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

  • Individual Income Tax refunds issued (net of voided checks) were up almost $7.3 million, or 21 percent.
  • Individual Withholding payments were up $59.4 million, or 6.1 percent.
  • Individual Estimated Tax payments were up $60.8 million, or 46.3 percent.
  • All other Individual Tax categories, including Non-Resident Return payments, were up a combined $33.1 million.

Sales and Use Tax: Gross Sales and Use Tax collections deposited during the month totaled nearly $946.5 million, for an increase of $72.5 million, or 8.3 percent, over last year. Net Sales and Use Tax revenue totaled $495.8 million, for an increase of $30.1 million, or 6.5 percent, compared to December 2016, when net sales tax totaled roughly $465.8 million. The adjusted distribution of sales tax to local governments totaled $448.1 million, for an increase of approximately $46.3 million, or 11.5 percent, over last year. Finally, sales tax refunds decreased by $3.9 million, or -60.2 percent, from a total of $6.4 million in December 2016. 

Corporate Income Tax: Corporate Income Tax collections for December increased by almost $22.3 million, or 13.6 percent, compared to last year when net Corporate Tax collections totaled $163.5 million.

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

  • Corporate Income Tax refunds issued (net of voided checks) were up nearly $1.2 million, or 29.6 percent.
  • Corporate Tax Estimated payments were up $12.1 million, or 8.7 percent.
  • All other Corporate Tax categories, including Corporate Return payments, were up a combined $11.4 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $146.2 million, for an increase of $2.7 million, or 1.9 percent, compared to December 2016.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for December increased by $1 million, or 3.8 percent, over last year. Title Ad Valorem Tax (TAVT) collections totaled $70.1 million, for a decrease of $9.8 million, or -12.3 percent, compared to December 2016, when TAVT collections totaled approximately $80 million.

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