Deal: October tax revenues up 0.3 percent
On November 9, 2015, Gov. Nathan Deal announced that Georgia’s net tax collections for October totaled nearly $1.63 billion, an increase of $4.6 million, or 0.3 percent, over October 2014. Year-to-date, net tax revenue collections totaled roughly $6.76 billion, for an increase of $513.1 million, or 8.2 percent, compared to October 2014, when net tax revenues totaled $6.24 billion.
House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated a transportation revenue of $69.8 million in October. As a result, the total revenue for October 2015 increased 4.8 percent over October 2014.
The changes below within the following tax categories contributed to October’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month totaled $839.7 million, up from $834.5 million in October 2014, for an increase of $5.2 million, or 0.6 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were down $9.7 million, or -1.2 percent.
- Income Tax refunds, totaling $117.7 million during the month, were up $2.2 million, or 1.9 percent.
- Individual Income Tax Return payments were up $27.8 million, or 37.5 percent.
- All other Individual Tax categories, including Non-Resident Return payments, were down $10.7 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $865.5 million, an increase of roughly $6.3 million, or 0.7 percent, over October 2014. Net Sales Tax revenue decreased $4.7 million, or -1.1 percent, compared to the previous year, when net sales tax totaled $450.9 million. The adjusted distribution of sales and use tax to local governments totaled $408.7 million, for an increase of nearly $8 million, or 2 percent, over the previous year. Lastly, sales tax refunds increased by $3 million compared to October 2014.
Corporate Income Tax: Corporate Income Tax collections in October declined $13.6 million, down from the previous fiscal year, when net Corporate Tax revenues totaled less than $0.1 million.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Tax refunds issued (net of voids) were up $10.7 million, or 35.3 percent.
- Corporate Income Tax Estimated payments were down $3.5 million, or -16.2 percent.
- All other Corporate Tax categories, including Estimated and Net Worth payments, increased $0.6 million.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased by nearly $1.9 million, or 6.6 percent, compared to October 2014. Title Ad Valorem Tax (TAVT) collections totaled $79.6 million, for an increase of $9.9 million, or 14.2 percent, over the previous year.