June Net Tax Revenues Up 7.4%

July 8, 2019

The State of Georgia’s June net tax collections totaled roughly $2.12 billion, for an increase of $146 million, or 7.4 percent, compared to June 2018 when net tax collections totaled nearly $1.98 billion.  Net tax collections for the fiscal year-ended June 30, 2019 totaled $23.79 billion, which was an increase of nearly $1.09 billion, or 4.8 percent, compared to fiscal year (FY) 2018 when net tax revenues totaled almost $22.71 billion.

The changes within the following tax categories help further explain June’s overall net tax revenue increase:
 
Individual Income Tax:  Individual Income Tax collections totaled roughly $1.04 billion, for an increase of $96.3 million, or 10.2 percent, compared to last year when Income Tax collections totaled almost $947.8 million.

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

  • Individual Income Tax refunds issued (net of voided checks) were down $71.9 million or -39.9 percent
  • Individual Estimated Tax payments were up $10.3 million, or 6.1 percent, over last year
  • Income Tax Withholding payments for the month decreased by $23 million or -2.6 percent
  • Individual Income Tax Non-Resident Return payments were up $24.6 million, or 84.5 percent
  • All other categories, including Income Tax Return payments, were up a combined $12.5 million

Sales and Use Tax:  Gross Sales and Use Tax collections totaled almost $1.07 billion for an increase of $76.2 million, or 7.7 percent, over June 2018.  Net Sales and Use Tax increased by $20.4 million, or 4 percent, compared to last year when net sales tax totaled $507.3 million.  The adjusted Sales Tax distribution to local governments increased by nearly $50.5 million, or 10.4 percent, over last year to a total of $533.8 million, while Sales Tax Refunds increased by $5.3 million to a total of $7.1 million compared to $1.9 million in FY 2018.

Corporate Income Tax:  Corporate Income Tax collections totaled $225.8 million, for an increase of $43.1 million, or 23.6 percent, from last year when Corporate Tax collections totaled $182.7 million.

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

  • Corporate Income Tax refunds (net of voids) decreased by $9.4 million, or -29.5 percent, from last year
  • Corporate Estimated Tax payments increased by roughly $31 million, or 16.6 percent, for the month
  • All other Corporate Tax types, including Corporate Income Tax payments, were up a combined $2.7 million  

Motor Fuel Taxes:  Motor Fuel Tax collections increased by nearly $3.7 million, or 2.3 percent, compared to FY 2018.

Motor Vehicle - Tag & Title Fees:  Motor Vehicle Tag & Title Fees fell by $4.1 million, or -12.8 percent and Title Ad Valorem Tax (TAVT) collections decreased by $10.8 million, or -14.5 percent, compared to June of last year.