Deal: July revenues up 6.1 percent

August 11, 2015

Gov. Nathan Deal today announced that Georgia’s net tax collections for July totaled nearly $1.58 billion, an increase of $90.9 million, or 6.1 percent, compared to July 2014. Gross tax revenue deposits during the month totaled $2.08 billion, for an increase of $131.8 million, or 6.8 percent.

The changes within the following tax categories account for July’s overall net tax revenue increase:
 
Individual Income Tax: Individual Income Tax collections for July totaled approximately $838.5 million, up from $769.5 million in July 2014, for an increase of $69 million, or 9 percent.

The following notable components within Individual Income Tax combine for the net increase:
 
•      Individual Withholding payments for the month were up $61.3 million, or 7.7 percent

•      Individual Income Tax refunds issued (net of voids) were up $3.5 million, or 5.6 percent

•      Individual Income Tax Return payments were up $4.2 million, or 53.3 percent

•      All other Individual Tax categories, including Estimated Tax payments, were up a combined $7 million
 
Sales and Use Tax: Gross Sales Tax collections increased $49.7 million, or 5.8 percent, compared to July 2014. Furthermore, net Sales Tax revenue increased $20.4 million, or 4.5 percent, to $472.1 million in July 2015. Over the last year, the adjusted Sales Tax distribution to local governments totaled $412.3 million, which was an increase of nearly $15.2 million, or 3.8 percent. Lastly, Sales Tax refunds also increased $14.1 million compared to July 2014.

Corporate Income Tax: Corporate Income Tax collections for July decreased nearly $4.3 million, or -16.2 percent, compared to July 2014, when Corporate Tax revenues totaled almost $26.5 million. The following notable components within Corporate Income Tax make up the net decrease:
 
•      Corporate Tax refunds issued (net of voids) were up $5.1 million, or 120.8 percent

•      Corporate Income Tax Return payments decreased $4.6 million, or -59.1 percent

•      All other Corporate Tax categories, including Estimated Tax payments, combined for an increase of $5.4 million

Motor Vehicle - Tag & Title Fees: Fee collections increased approximately $9 million compared to July 2014, and Title Ad Valorem Tax (TAVT) collections totaled almost $75.9 million, which was an increase of roughly $9 million, or 13.4 percent.