Deal: April Tax Revenues up 3.3 Percent

May 6, 2016

Gov. Nathan Deal today announced that Georgia’s net tax collections for April totaled $2.07 billion, for an increase of $63.6 million, or 3.3 percent, over April 2015. Year-to-date, net tax revenue collections totaled $17.34 billion, for an overall increase of $1.56 billion, or 9.9 percent, compared to April 2015, when net tax revenues totaled $15.78 billion.

House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $79.6 million in April. As a result, total net tax collection revenue for April 2016 increased by 7.4 percent over April 2015.

The changes below within the following tax categories contributed to April’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections for the month totaled nearly $1.08 billion, up from approximately $1.06 billion in April 2015, for an increase of $20.3 million, or 1.9 percent.

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

  • Individual Income Tax Withholding payments were up $18.2 million, or 2.1 percent.
  • Income Tax refunds, totaling $611.8 million for the month, were down $0.4 million, or -0.1 percent.
  • All other Individual Tax categories, including Estimated Return payments, were up $1.7 million.

Sales and Use Tax:  Gross Sales Tax collections deposited during the month totaled $934.6 million, for an increase of $24.2 million, or 2.7 percent, compared to April 2015. Net Sales and Use Tax revenue increased $8 million, or 1.6 percent, compared to last year when net sales and use taxes totaled $504.3 million. The adjusted distribution of sales tax to local governments totaled $418.8 million, an increase of $25.6 million, or 6.5 percent, compared to April 2015. Lastly, sales and use tax refunds decreased by approximately $9.4 million compared to last year.

Corporate Income Tax:  Corporate Income Tax collections in April totaled $105.6 million, for a decrease of nearly $0.9 million, or -0.8 percent, compared to April 2015 when net Corporate Tax revenues totaled $106.5 million.

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

  • Corporate Tax refunds issued (net of voids) were up $8.4 million, or 128.5 percent.
  • Corporate Estimated Tax Return payments were up $6.9 million, or 6.4 percent.
  • All other Corporate Taxes, including S-Corp and Net Worth payments, were up roughly $0.7 million.

Motor Vehicle Tag & Title Fees:  Tag and Title Fee collections decreased by $0.4 million, or -1.3 percent, compared to April 2015. Title Ad Valorem Tax collections totaled almost $91 million, for an increase of $14.8 million, or 19.5 percent, over the previous fiscal year.