Press release [June 5, 2017]

For immediate release June 5, 2017

Office of Communications (404) 651-7774

Deal: May tax revenues up 10.3 percent

Gov. Nathan Deal today announced that Georgia's net tax collections for May totaled nearly $1.73 billion, for an increase of $161.5 million, or 10.3 percent, compared to May 2016. Year-to-date, net tax revenue collections totaled roughly $19.79 billion, for an increase of $880.3 million, or 4.7 percent, over last year when net tax revenues totaled $18.91 billion.
The changes within the following tax categories account for the net tax revenue increase in May:
Individual Income Tax: Individual Income Tax collections for the month totaled $871.4 million, up from $740.8 million in May 2016, for an increase of $130.6 million, or 17.6 percent.
The following notable components within Individual Income Tax combine for the net increase:
Income Tax refunds, totaling $147.9 million during the month, were down $51.3 million, or -25.8 percent.
Individual Income Tax Withholding payments were up $84.8 million, or 10.1 percent.
All other Individual Tax categories, including Estimated payments, were down a combined $5.5 million, or -5.6 percent.

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $910.3 million, for an increase of $45.9 million, or 5.3 percent, compared to May 2016. Net Sales and Use Tax revenue increased by nearly $16.3 million, or 3.5 percent, compared to last year when net sales and use totaled $462.8 million. The adjusted distribution of sales tax to local governments totaled $427 million, for an increase of $25.3 million, or 6.3 percent, compared to May 2016. Sales tax refunds increased by nearly $4.3 million compared to last year.
Corporate Income Tax: Corporate Income Tax collections for May totaled $33.4 million, for an increase of $6.3 million, or 23.2 percent, compared to last year when net Corporate Tax revenues totaled $27.1 million.
The following notable components within Corporate Income Tax combine for the net increase:
Corporate Income Tax Return payments were up $10.3 million, or 183.9 percent. Corporate Income Tax refunds, totaling nearly $24.8 million, were up $25 million. Corporate Tax Estimated Return payments were up $23.1 million, or 136.1 percent. All other Corporate Tax categories, including S-Corp and Net Worth payments, were
down approximately $2.1 million. Motor Fuel Taxes: Motor Fuel Tax collections in May totaled $146.8 million, for an increase of roughly $1.7 million, or 1.1 percent, compared to last year.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections for May increased by approximately $0.7 million, or 2.2 percent, compared to May 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled $75.9 million, for a decrease of nearly $2.5 million, or -3.1 percent, compared to last year.
Jen Talaber Ryan jen.ryan@georgia.gov
Alyssa Botts abotts@georgia.gov

GEORGIA DEPARTMENT OF REVENUE Comparative Summary of State General Fund Receipts
(unaudited - 000's)

State General Fund Receipts Net Tax Revenues: Income Tax - Individual Income Tax - Corporate

For the Month Ended

May 2017

May 2016

$

871,425 $

740,834

$

33,408 $

27,116

$ Change

$

130,591

$

6,292

Sales and Use Tax - General:

Sales and Use Tax - Gross (Note 2b)

$

Local Distribution (Note 1)

$

Adjustments \ Refunds

$

Net Sales and Use Tax - General

$

910,344 $ (427,035) $
(4,249) $ 479,060 $

864,468 $ (401,691) $
17 $ 462,794 $

45,876 (25,344)
(4,265) 16,266

Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax

$

146,806 $

145,150 $

1,656

$

17,553 $

15,854 $

1,699

$

15,105 $

15,394 $

(289)

$

24 $

163 $

(139)

Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax
Motor Vehicle Subtotal

$

1,200 $

1,472 $

(272)

$

29,674 $

29,023 $

651

$

75,934 $

78,396 $

(2,462)

$

106,808 $

108,891 $

(2,083)

Total Net Taxes - Subtotal

$

Interest, Fees and Sales:

Hotel \ Motel Fees

$

Other Interest, Fees & Sales (Note 3)

$

1,670,190 $
15,101 $ 41,276 $

1,516,196 $

153,993

15,086 $ 33,741 $

15 7,535

Total State General Fund Receipts

$

1,726,567 $

1,565,024 $

161,542

% Change
17.6% 23.2%
5.3% -6.3%
3.5% 1.1% 10.7% -1.9% -85.3%
-18.5% 2.2% -3.1% -1.9%
10.2%
0.1% 22.3%
10.3%

State General Fund Receipts Net Tax Revenues: Income Tax - Individual Income Tax - Corporate
Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) Local Distribution (Note 1) Adjustments \ Refunds
Net Sales and Use Tax - General
Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax
Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax
Motor Vehicle Subtotal
Total Net Taxes - Subtotal
Interest, Fees and Sales: Hotel \ Motel Fees Other Interest, Fees & Sales (Note 3)
Total State General Fund Receipts

FY 2017

$

10,019,501

$

778,627

FY 2016

$

9,509,824

$

802,948

$ Change % Change

$

509,678

$

(24,320)

5.4% -3.0%

$

9,889,061 $

9,616,825 $

272,235

$

(4,552,814) $

(4,487,102) $

(65,712)

$

(89,198) $

(104,925) $

15,727

$

5,247,048 $

5,024,798 $

222,250

$

1,592,086 $

1,507,430 $

84,656

$

199,990 $

199,699 $

290

$

175,695 $

173,476 $

2,218

$

1,338 $

13,633 $

(12,295)

$

14,189 $

12,776 $

1,413

$

333,802 $

333,058 $

745

$

907,853 $

855,992 $

51,861

$

1,255,845 $

1,201,826 $

54,019

$

19,270,129 $

18,433,634 $ 836,496

2.8% -1.5% 15.0% 4.4%
5.6% 0.1% 1.3% -90.2%
11.1% 0.2% 6.1% 4.5%
4.5%

$

156,690 $

136,097 $

20,592

$

360,755 $

337,525 $

23,230

$

19,787,575 $

18,907,256 $ 880,318

15.1% 6.9%
4.7%

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. Both the a) 3% State Prepaid Motor Fuel Tax and b) 1% State Motor Fuel Sales Tax (2nd Motor Fuel) were repealed by Transportation Funding Act (HB 170).
3. "Other Interest, Fees & Sales" include payments that have been deposited in the bank, but for which returns may not have been processed. These undistributed tax payments are then re-classified (once the return is processed) to the appropriate revenue tax account. "Other" also includes Unclaimed Property collections.