Deal: October tax revenues up 8.6 percent
Gov. Nathan Deal today announced that Georgia’s net tax collections for October totaled nearly $1.77 billion, for an increase of $140.2 million, or 8.6 percent, compared to October 2015. Year-to-date, net tax revenue collections totaled $7.08 billion, for an increase of $323.2 million, or 4.8 percent, over last year when net tax revenues totaled nearly $6.76 billion at the end of October.
The changes within the following tax categories account for October’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for October totaled $924.6 million, an increase of $84.8 million, or 10.1 percent, compared to last year, when net income tax collections totaled $839.7 million.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were up $88.5 million, or 10.9 percent.
- Income Tax refunds, totaling $134.1 million during the month, were up $16.4 million, or 13.9 percent.
- Individual Income Tax Return payments increased $8.1 million, or 7.9 percent.
- All other Individual Tax categories, including Estimated Return payments, were up a combined $4.6 million.
Sales and Use Tax: Gross Sales Tax collections for October increased $25.5 million, or 2.9 percent, over last year. Net Sales Tax totaled $463.8 million, for an increase of almost $17.7 million, or 4 percent, compared to October 2015, when net sales tax totaled $446.1 million. The adjusted Sales Tax distribution to local governments totaled roughly $412.7 million, which was an increase of $4 million, or 1 percent, compared to last year. Sales Tax refunds also increased by $3.9 million, or 36.1 percent, compared to October 2015.
Corporate Income Tax: Corporate Income Tax collections increased $34.9 million, or 257.2 percent, compared to October 2015, when corporate tax revenues and refunds combined for a net total of $13.6 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Tax refunds issued (net of voided checks) were down $32.3 million, or -78.6 percent.
- Corporate Income Tax Return payments were up $1.7 million, or 48.9 percent.
- All other Corporate Tax categories, including Estimated Return payments, increased $0.9 million.
Motor Fuel Taxes: Motor Fuel Tax collections in October totaled almost $143.4 million, for an increase of $5.4 million, or 3.9 percent, compared to October 2015.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections decreased by $0.5 million, or -1.7 percent, compared to October 2015 while Title Ad Valorem Tax collections increased $5.6 million, or 7.1 percent, over last year.