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.