Deal: May tax revenues up 4.1 percent
Gov. Nathan Deal today announced that Georgia’s net tax collections for May totaled roughly $1.56 billion, for an increase of $58.6 million, or 4.1 percent, over May 2015. Year-to-date, net tax revenue collections totaled nearly $18.91 billion, for an overall increase of $1.7 billion, or 9.9 percent, compared to May 2015, when net tax revenues totaled $17.21 billion.
House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $72.7 million in May. As a result, total net tax collection revenue for May 2016 increased by 9.2 percent over May 2015.
The changes below within the following tax categories contributed to May’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for the month totaled $740.8 million, up from $707.2 million in May 2015, for an increase of $33.6 million, or 4.8 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were up $77.3 million, or 10.1 percent.
- Income Tax refunds, totaling $199.2 million during the month, were up $62.2 million, or 45.4 percent.
- All other Individual Tax categories, including Estimated Return payments, were up roughly $18.5 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $864.5 million, for an increase of $14.6 million, or 1.7 percent, compared to May 2015. Net Sales and Use Tax revenue increased $19.8 million, or 4.5 percent, compared to last year when net sales and use taxes totaled nearly $443 million. The adjusted distribution of sales tax to local governments totaled $401.7 million, which was an increase of $2.9 million, or 0.7 percent, over the previous fiscal year. Sales tax refunds were down $8.1 million, or -100.2 percent, compared to May 2015.
Corporate Income Tax: Corporate Income Tax collections in May totaled $27.1 million, which was a decrease of nearly $3.3 million, or -10.8 percent, compared to last year when net Corporate Tax revenues totaled $30.4 million.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Tax refunds issued (net of voids) were down $9 million, or -102.8 percent.
- Corporate Income Tax Return payments were down $7.7 million, or -57.9 percent.
- All other Corporate Taxes, including S-Corp and Estimated payments, were down a combined $4.6 million.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased by $5.1 million, or 21.4 percent, compared to May 2015. Title Ad Valorem Tax collections totaled $78.4 million, for an increase of nearly $4.6 million, or 6.2 percent, over the previous fiscal year.