Press release, June 9, 2015A

For immediate release June 9, 2015

Office of Communications (404) 651-7774

Deal: May revenues up 3.1 percent

Gov. Nathan Deal announced today that Georgia's net tax revenue for May 2015 totaled $1.43 billion, which was an increase of nearly $43.3 million, or 3.1 percent, over May 2014. Year-to-date, net tax revenue collections totaled $17.21 billion, for an increase of $1.09 billion, or 6.8 percent, compared to the previous fiscal year, when net tax revenues totaled $16.12 billion through 11 months. Year-to-date gross tax collections, before refunds and distributions to local governments, totaled nearly $24.14 billion, which was an increase of roughly $1.41 billion, or 6.2 percent, compared to the year-to-date total of $22.73 billion in May 2014.
The changes within the following tax categories account for May's overall net tax increase:
Individual Income Tax: Individual Income Tax collections for May totaled $707.2 million, up from approximately $675.2 million in May 2014, for an increase of $32.0 million, or 4.7 percent.
The following notable components within Individual Income Tax account for the net increase: Income Tax Withholding payments were up approximately $34 million, or 4.7 percent
Income Tax refunds, which totaled $136.9 million during the month, were up $10.7 million, or 8.4 percent

Non-Resident Income Tax Return payments were up $9.9 million, or 133.1 percent All other Individual Tax categories, including Estimated Income Tax, were down $1.2 million Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $849.8 million, which was an increase of $18.1 million, or 2.2 percent, compared to May 2014. Net Sales Tax revenue increased $14.2 million, or 3.3 percent, compared to May 2014, when net Sales Tax totaled $428.8 million. The adjusted distribution of sales tax to local governments totaled $398.8 million, which was an increase of $9.2 million, or 2.4 percent, compared to last year's total. Sales Tax refunds decreased $5.3 million compared to May 2014.
Corporate Income Tax: Corporate Income Tax collections for May increased nearly $23 million, or 309 percent, compared to FY 2014, when Corporate Tax revenues totaled $7.4 million for the month.
The following notable components within Corporate Income Tax combine to make up the net increase: Corporate Tax refunds issued (net of voided checks) were down $6.2 million, or -41.6 percent Corporate Estimated Tax payments were up approximately $10.7 million, or 83.9 percent Corporate Income Tax Return payments were up $5.9 million, or 80 percent All other Corporate Tax categories, including Net Worth and S-Corp, were up $200,000
Brian Robinson brobinson@georgia.gov
Jen Talaber jtalaber@georgia.gov

GEORGIA DEPARTMENT OF REVENUE
Comparative Summary of Net Revenue Collections
(unaudited - 000's)

Tax Revenues:
Income Tax - Individual:

For the Month Ended

May 2015

May 2014

(FY 2015)

(FY 2014)

$ Change

$

707,199 $

675,151 $

32,048

Sales and Use Tax - General: Sales and Use Tax - Gross Local Distribution (Footnote 1) Sales Tax Adjustments/Refunds
Net Sales and Use Tax - General

$

849,846 $

831,698 $

18,148

$

(398,802) $

(389,580) $

(9,222)

$

(8,062) $

(13,317) $

5,255

$

442,982 $

428,801 $

14,181

Motor Fuel Taxes: Prepaid Motor Fuel Tax Motor Fuel Excise Tax
Total Motor Fuel Taxes

$

48,953 $

52,742 $

(3,789)

$

40,128 $

42,315 $

(2,187)

$

89,081 $

95,058 $

(5,976)

Income Tax - Corporate Tobacco & Cigar Taxes Alcoholic Beverage Taxes Estate Tax Property Tax Motor Vehicle - Tag, Title & Fees Total Tax Revenues
Other Revenues:
Other Fees & Taxes (Footnote 2)
Total Taxes and Other Revenues

$

30,395 $

7,431 $

22,964

$

19,881 $

17,873 $

2,008

$

15,712 $

15,952 $

(240)

$

-

$

-

$

-

$

367 $

805 $

(438)

$

97,728 $

107,335 $

(9,607)

$

1,403,345 $

1,348,405 $

54,940

$

30,346 $

42,004 $

(11,659)

$

1,433,691 $

1,390,410 $

43,281

% Change
4.7%
2.2% -2.4% 39.5% 3.3%
-7.2% -5.2% -6.3% 309.0% 11.2% -1.5%
-54.4% -9.0% 4.1%
-27.8% 3.1%

GENERAL FUND Tax Revenues:
Income Tax - Individual
Sales and Use Tax - General: Sales and Use Tax - Gross Local Distribution (Footnote 1) Sales Tax Adjustments/Refunds
Net Sales and Use Tax - General
Motor Fuel Taxes: Prepaid Motor Fuel Tax Motor Fuel Excise Tax
Total Motor Fuel Taxes

Year-to-Date

FY 2015

FY 2014

$ Change % Change

$

8,764,102 $

8,080,876 $

683,226

8.5%

$

9,485,238 $

9,006,692 $

478,546

$

(4,422,338) $

(4,208,103) $ (214,235)

$

(82,895) $

(76,944) $

(5,951)

$

4,980,004 $

4,721,645 $

258,359

5.3%
-5.1% -7.7% 5.5%

$

516,128 $

520,380 $

(4,252)

$

418,542 $

409,228 $

9,314

$

934,671 $

929,608 $

5,063

-0.8% 2.3% 0.5%

Income Tax - Corporate Tobacco & Cigar Taxes Alcoholic Beverage Taxes Estate Tax Property Tax Motor Vehicle - Tag, Title & Fees Total Tax Revenues
Other Revenues:
Other Fees & Taxes (Footnote 2)
Total Taxes and Other Revenues

$

807,619 $

743,254 $

64,366

$

196,131 $

196,968 $

(837)

$

167,766 $

161,852 $

5,914

$

-

$

-

$

-

$

26,521 $

38,015 $

(11,494)

$

1,053,224 $

987,264 $

65,961

$

16,930,038 $

15,859,480 $ 1,070,558

$

281,625 $

262,096 $

19,528

$

17,211,663 $

16,121,576 $ 1,090,086

8.7% -0.4% 3.7%
-30.2% 6.7% 6.8%
7.5% 6.8%

Footnotes: 1. The Local Distribution is adjusted with an accrual to reflect payment activity that occurs after the actual distribution (3 business days prior to the end of a month). 2. "Other Fees & Taxes" include payments that have been deposited in the bank, but for which returns may not yet have been processed. These undistributed tax
amounts are then re-classified (once the return is processed) to the appropriate tax revenue account. "Other Fees" also includes Unclaimed Property collections.